Trump announced on Friday that Washington will begin sending letters to multiple countries on Monday, marking a change from previous plans for individual trade agreements. On April 2 this year, Trump announced reciprocal tariffs of 10%-50%, but later reduced tariffs from most countries to 10% until July 9 for negotiations.
Thedollar index fell 0.2% and is expected to decline for the second consecutive week, making gold cheaper for other currencies holders.
Futures gold prices climbed $3.60 or 0.11% on Friday (July 4), closing at $3,346.50 per ounce, up 1.79% for the whole week.
Data shows that U.S. employment growth unexpectedly steady in June, but nearly half of the non-agricultural job growth came from government departments, with private enterprises’ employment growth reaching the smallest in eight months as companies face growing economic headwinds.
Reuters reported quoted Ricardo Evangelista, a senior analyst at the British online forex trader, as saying: "Worries about the U.S. fiscal situation (after Trump's comprehensive tax cut bill passed by Congress) and the continued uncertainty about the upcoming July 9 deadline for tariffs, boosting safe-haven demand."
As President Trump's trade negotiation deadline approaches, gold prices continue to receive support from a decline in the dollar and a safe-haven inflow, rising slightly before the weekend.
"The latest U.S. jobs data support the view that the economy is slowing but not stagnant, which has eased pressure on the Federal Reserve to cut interest rates in the recent past," said Giovanni Staunovo, commodity analyst at UBS. Bank of Switzerland.