Gold rises after Trump’s new tariff move

Gold bars

Gold prices rose on Friday after US President Donald Trump announced new tariffs on Canadian imports and broader threats to impose tariffs on other countries.

Gold futures for August delivery climbed 0.65%, or $21.80, to $3,347.50 per ounce.

Meanwhile, spot gold rose by 0.3%, or $10.03, to $3,334.08 per ounce, as of 8:51 am Makkah time.

The US dollar index—which measures the greenback’s performance against a basket of six major currencies—rose by 0.15% to 97.80 points, heading for its best weekly performance since the week ending February 24.

Silver futures for September delivery jumped 2.5% to $38.24 per ounce. Spot platinum prices slipped 0.55% to $1,359.18, while spot palladium edged up 0.1% to $1,144.40.

This came after Trump announced Thursday that the US would impose a 35% tariff on imports from Canada, and plans to introduce broad tariffs of 15% to 20% on most other trade partners.