Published Fri, Jul 11, 2025 · 09:35 AM
[BENGALURU] Gold rose on Friday (Jul 11) after US President Donald Trump announced new tariffs on Canadian imports and issued broader tariff threats to other trading partners, though a stronger US dollar limited gains as investors assessed the latest trade actions.
Spot gold rose 0.3 per cent to US$3,333.66 per ounce, as at 0047 GMT. US gold futures were up 0.6 per cent at US$3,345.10.
Trump said on Thursday the United States would impose a 35 per cent tariff on imports from Canada next month and planned to impose blanket tariffs of 15 per cent or 20 per cent on most other trade partners.
This comes following on Wednesday’s announcement of a 50 per cent tariff on US copper imports and 50 per cent levy on goods from Brazil, alongside sending tariff notices for other trading partners, all effective Aug 1.
Meanwhile, the US dollar index headed for a weekly gain of more than 0.9 per cent, making gold more expensive for international buyers.
Weekly jobless claims in the US unexpectedly fell to a seven-week low, signalling stable employment levels despite broader concerns about a cooling labour market, and signalling no urgency for the Federal Reserve to resume rate cuts.
The White House on Thursday launched a fresh attack on Fed chair Jerome Powell, with a senior official saying Powell had “grossly mismanaged” the central bank, citing deficits and cost overruns.
Fed governor Christopher Waller said the US central bank still has some way to go in shrinking the size of its holdings, in comments that offered a potential resting size for the ongoing drawdown, while reiterating a case is still there to cut the central bank’s interest rate target later this month.
Spot silver edged up 0.1 per cent at US$37.08 per ounce, platinum fell 0.4 per cent to US$1,356 and palladium rose 0.3 per cent to US$1,145.68. REUTERS
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