FX.co ★ Gold Poised for Weekly Gain

Gold experienced a modest increase, reaching approximately $3,330 per ounce on Friday. This rise positions the precious metal for a weekly gain, driven by heightened concerns over the U.S. fiscal deficit and ongoing uncertainties surrounding trade tariffs that have enhanced gold's status as a safe-haven asset. On Thursday, the U.S. House of Representatives passed President Donald Trump's significant tax and spending measure, which is projected to inflate the nation's deficit by over $3 trillion in the forthcoming decade. Concurrently, President Trump announced his intention to begin dispatching notifications to various countries on Friday regarding the specific tariff rates applicable to their imports into the United States. This approach marks a clear transition from earlier promises to negotiate individual trade agreements. Nevertheless, the upward potential for gold was limited by robust U.S. employment data, revealing that firms added a better-than-expected 147,000 jobs in June, alongside an unexpected drop in the unemployment rate to 4.1%. This bolstered the argument for the Federal Reserve to maintain steady interest rates. For the week, gold is poised to record a gain exceeding 1%, breaking a streak of two consecutive weeks of losses.