FX.co ★ Gold Flat as Fresh Tariffs Lift Dollar

Gold prices remained relatively steady at around $3,290 per ounce on Friday and were poised for their worst weekly performance since late June. This drop was driven by a strengthening US dollar after President Trump announced higher tariffs on several countries. Trump confirmed a 10% global base tariff and imposed retaliatory duties of up to 41% on countries that do not have trade agreements with the US. Additionally, he announced a 40% duty on goods suspected of being re-routed through third countries to circumvent existing tariffs. Meanwhile, US economic data revealed that both core and headline PCE prices surpassed expectations in June, heightening concerns about persistent inflation in major sectors of the economy. This development further complicates the prospect of a rate cut in September. Investors are now looking forward to the July jobs report, anticipated to provide new insights into the labor market's condition and influence the Federal Reserve's upcoming policy decisions.