By Anjana Anil and Anushree Mukherjee
(Reuters) – Gold held steady on Friday, and was on track for a weekly rise as uncertainty around U.S. President Donald Trump’s tariff plans firmed demand, while investors awaited U.S. non-farm payrolls data due later in the day.
Spot gold was unchanged at $2,911.00 an ounce as of 0548 GMT. Bullion has gained 1.7% so far this week.
U.S. gold futures lost 0.3% to $2,918.80.
“Markets are waiting for fresh triggers regarding what is likely to happen going forward with respect to the trade war … The outlook (for gold) continues to remain very optimistic,” said Kunal Shah, head of research, Nirmal Bang Commodities, Mumbai.
Trump on Thursday suspended the 25% tariffs he imposed this week on most goods from Canada and Mexico, the latest twist in a fluctuating trade policy that has whipsawed financial markets and fanned worries over inflation and a growth slowdown.
The ongoing trade tensions, inflation uncertainty, and a weaker dollar signalling a slowing economy, are all bullish for gold, Shah said.
The U.S. dollar index was hovering near a four-month low.
Trump’s policies, widely seen as likely to stoke economic uncertainties, have helped safe-haven gold rise more than 10% so far this year.
Federal Reserve Governor Christopher Waller said he leans strongly against a rate cut at the Fed’s upcoming policy meeting this month, although he reckons cuts later in the year remain on track if inflation pressures continue to abate.
Bullion is seen as a hedge against political risks and inflation, but higher interest rates dampen the non-yielding asset’s appeal.
Spotlight is on the non-farm payrolls report due at 1330 GMT, which is expected to show a gain of 160,000 jobs for February, a Reuters survey showed.
Spot silver fell 0.1% to $32.58 an ounce and platinum firmed 0.2% to $968.78, while palladium edged 0.1% higher to $943.67.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Varun H K, Mrigank Dhaniwala and Janane Venkatraman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.