Gold managed to rise in the early opening before moving lower again, as the US labor data release became weaker and increased dovish bets that the Federal Reserve (Fed) is expected to implement a policy easing cycle.
At 9.50 am, the price of gold was at $3,384.64, down 0.39% since it opened in early trading on Friday in the Asian session.
Earlier, the Labor Department revealed that the number of Americans filing for unemployment benefits rose more than expected compared to the previous figure. The fall triggered market concerns about the current state of the economy.
As a result, the price of gold managed to gain support from investors seeking a safe haven in the midst of a risky market.
Meanwhile, higher tariffs set by US President Donald Trump took effect on Thursday, especially for countries such as Switzerland, Brazil and India that were unable to reach an agreement with Washington.
For now, the market will be fully focused on Fed officials' speeches and the central bank's next steps and the University of Michigan Consumer Sentiment report for August to predict future inflation.
