Gold moved in a positive rhythm at the end of the week even though the US dollar remained strong following the release of solid employment data and uncertainty about the latest tariffs imposed by the United States.
At 9.30 am, gold prices were at $3,330, up 0.19% since it opened in early trading on Friday in the Asian session.
Data released by the US Labor Department showed that the number of Americans filing for unemployment benefits was below estimates and previous reports, signaling that the economy is still strong.
As a result, market appetite remains high and is able to limit the direction of the gold price surge to rise higher.
Expectations that the Federal Reserve (Fed) will cut interest rates in July are fading even though the latest Fed minutes showed that its officials are increasingly confident in easing policy.
However, most Fed members appear concerned about inflationary pressures and fear a surge in prices driven by tariffs.
In addition, President Donald Trump delivered the launch of the highest tariffs yet on Brazil, imposing a rate of 50%, saying it was an example of a country that was ‘anti-American’.
For now, market participants will be evaluating the Fed officials’ remarks in determining the next policy steps.
