Spot Gold extended gains on Friday, after the US slapped fresh tariffs on goods from Canada and warned of blanket duties on other trade partners.
Yesterday US President Donald Trump said the US would impose a 35% tariff on Canadian imports and announced plans of blanket duties of 15% or 20% on the majority of other trading partners.
This followed a 50% tariff announcement on Brazilian imports and a similar duty on copper imports.
All of these tariffs are set to take effect on August 1st.
“Despite Trump’s tariff wars picking up steam again, gold hasn’t gotten the boost it previously has because investors are becoming more accustomed to both the tariff story and Trump’s policy-making style,” KCM Trade Chief Market Analyst Tim Waterer was quoted as saying by Reuters.
“The move north by the dollar in unison with gold probably limited the size of the gains in the precious metal,” Waterer noted.
The US Dollar Index was set to register its strongest weekly performance since late February.
Spot Gold was last up 0.35% on the day to trade at $3,335.66 per troy ounce.
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