Gold Prices Steady Amid Rising Dollar

The price of gold remained steady on Friday, although it's on track to incur a weekly loss as the US dollar strengthened. This comes after US President Donald Trump imposed new tariffs on imports from dozens of countries. Traders are also awaiting the release of US non-farm payroll data later today.

Spot gold held firm at $3289.79 per ounce by 01:27 GMT, having dropped 1.4% since the start of the week. Meanwhile, US gold futures declined by 0.3% to settle at $3340.20.

The US dollar index increased by 0.1%, nearing its highest level in two months achieved on Thursday. This rise makes gold more expensive for holders of other currencies.

President Trump issued an executive order yesterday mandating retaliatory tariffs ranging from 10% to 41% on imports from numerous countries and regions.

Asian stocks fell on Friday following the imposition of these new US tariffs on a significant number of its trading partners.

Investors are now focusing on US employment data for further clues about the future direction of the Federal Reserve's policy, after the central bank held interest rates steady earlier this week.

Lower interest rates often underpin gold since it's a non-yielding asset.

In other precious metals, spot silver remained unchanged at $37.10 per ounce. Platinum slipped by 0.3% to $1308.85, while palladium rose 0.9% to reach $1216.25.