BY ASHITHA SHIVARPRASAD AND SARAH QURESHI
Gold rose over 1 percent on Friday as the dollar ticked lower, while the market digested comments on tariffs from US President Donald Trump ahead of a weekend meeting between the US and China.
Spot gold was up 1.1 percent at $3,340.29 an ounce and has gained 3.1 percent last week.
Bullion, known as a hedge against geopolitical and economic uncertainties, has risen more than 27 percent since the start of the year.
US gold futures settled 1.1 percent higher at $3,344.
The US dollar edged 0.3 percent lower, making bullion less expensive for other currency holders.
President Trump said that an 80 percent tariff on Chinese goods “seems right” as representatives prepared for weekend talks to contain a trade war between the world’s two largest economies.
Additionally, on the geopolitical front, India and Pakistan accused each other of launching new military attacks, using drones and artillery for the third day in the worst fighting between the nuclear-armed South Asian neighbours in nearly three decades.
“Obviously, the overall continued uncertainty in regards to tariffs remains probably the most significant underpinning behind gold,” said David Meger, director of metals trading at High Ridge Futures.
