Gold prices rebounded on Friday and were heading for a weekly gain, helped by a retreat in the US dollar and safe-haven inflows, as US President Donald Trump’s deadline for trade deals loomed.
Spot gold was up 0.3 percent to $3,336.39 per ounce. The precious metal is up about 1.9 percent this week.
US gold futures gained 0.1 percent to $3,346.60.
The dollar index slipped 0.2 percent and was on track for a second week of decline, making gold less expensive for other currency holders. USD/
“The apprehension about the fiscal situation in the US (after Trump’s sweeping tax-cut bill passed Congress) and the lingering uncertainty over the approaching July 9 deadline for the tariff issue has boosted safe-haven demand,” said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.
Trump announced that Washington will start sending letters to countries on Friday, marking a shift from earlier plans for individual trade deals. On April 2, he announced reciprocal tariffs of 10 percent-50 percent, but later reduced most to 10 percent until July 9 to allow for negotiations.
Meanwhile, Trump’s tax-cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown and adding new tax breaks promised during Trump’s 2024 campaign.
Data showed US job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private industry gains being the smallest in eight months as businesses battled rising economic headwinds.
