Gold was steady — after two days of declines — as economic and geopolitical risks supported haven demand, despite signs that the next wave of US tariffs may be more targeted than expected.
Bullion traded around $3,022 an ounce, near a record high reached on Thursday. President Donald Trump's so-called reciprocal tariffs are likely to be less punitive than he had earlier threatened. The White House is set to exclude some countries and is not currently planning sector-specific trade barriers, aids and allies familiar with the matter said.
Chinese Premier Li Qiang said Asia's largest economy is still prepared for tariff shocks and Australian Treasurer Jim Chalmers warned about the “seismic” impact of US policies on the global economy.
The market remains wary about the fallout from the tariffs, however, as well as Trump's upending of the geopolitical order. Gold has benefited, rallying 15% so far this year and rising above $3,000 an ounce for the first time, as investors flocked to safety. Strong central-bank buying and expectations for rate cuts have also aided the precious metal,
Spot gold was steady at $3,022.15 an ounce as of 8:26 a.m. in Singapore, after adding 1.3% last week. The Bloomberg Dollar Spot Index dipped 0.1% after rallying 0.8% over the previous three sessions. Silver, platinum and palladium all moved upward.
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