Gold prices up amid anticipation of new US tariffs

Gold bars

Gold futures rose on Friday as the US dollar weakened, with markets weighing renewed global trade tensions. This also came amid expectations that the US will announce new tariff measures targeting several countries.

Gold futures for August delivery increased by 0.3%, or $9.20, to $3,352.10 per ounce.

Meanwhile, spot gold prices climbed 0.45%, or $15.50, to $3,341.62 per ounce as of 8:21 a.m. Makkah time.

The US Dollar Index, which measures the greenback against a basket of six major currencies, fell by 0.3% to 96.88 points.

Silver futures for September delivery remained steady at $37.07 per ounce. Spot platinum rose about 1.1% to $1,391.75, while spot palladium jumped around 0.55% to $1,144.06.

President Donald Trump said Washington will begin sending letters to major economies by Friday outlining what tariff rates their exports to the US will be subject to. He added that the letters will be sent to 10 countries at a time, laying out tariff rates such as 20% to 30%, Reuters reported.

US stocks markets are closed today in observance of Independence Day, which may impact trading volume.