Gold recorded a prolonged plunge below $3,300 until the week ended, driven by a rebound in the US dollar on the weekly mood of President Donald Trump announcing tariff agreements on its trading partners.
At 9.40 am, gold prices were at $3,287.02, which has remained unchanged since it opened in early trading on Friday in the Asian session.
Most recently, the White House stated that Trump will set the base tariff rate at 10% compared to a previous proposal of 15% or more.
In addition, Trump signed an executive order raising Canadian tariffs from 25% to 35% effective August 1, 2025 and extending Mexico's tariff rate for 90 days to open up more time for trade negotiations.
Traders continued to assess developments around US tariffs ahead of US jobs data for July, which will be published later on Friday.
A hawkish stance from the Federal Reserve could weigh on gold in the near term, with the US central bank holding rates steady at its July meeting and Jerome Powell saying they will need to wait for more data before deciding on the next rate cut.
However, any sign of rising trade tensions or geopolitical tensions could boost safe-haven flows and help limit gold's losses.
