Gold Gains as Trump Says US Will Impose Tariffs Next Month

(Bloomberg) – Gold Rose – put it on the right track to achieve a 2 % weekly gain – as President Donald Trump said that some American commercial partners will face customs tariffs as of August 1.

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Bullion increased by 0.5 % to about $ 3340 an ounce on Friday, as investors have formed the latest commercial comments from the president, who said that the administration will start sending messages on Friday, which has set new tax rates for many countries.

“They will be completely covered and a value will range from 60 or 70 % of the customs tariff to 10 and 20 %,” said late from 60 % of the tariff to 10 and 20 %. Trump told reporters that the letters “10 or 12” will come out on Friday, with additional messages to “during the next few days.”

Trump has long threatened that if countries fail to reach deals with a deadline on July 9, he will impose higher rates on them and raise risks to commercial partners. So far, the administration has announced deals with the United Kingdom and Vietnam and agreed to a truce with China, which has witnessed the largest of the world’s economy to reduce definitions. There is concern that the growing trade war can abandon the global economy, which will be a blessing for the origins of a haven like gold.

Elsewhere, investors continued to evaluate the path forward for the reducing interest rate in the Federal Reserve, after a report on Thursday showed that salary numbers were surprised by the upward trend, while the unemployment rate came in expectations less than expectations. This prompted the merchants to get out of the slim bets to reduce prices at the Federal Reserve meeting in July. Usually higher rates on gold, which do not have benefit.

Gold rose more than a quarter of this year, as about $ 160 of the record was traded in April. The precious metal has been strengthened through the demand for sanctuaries, as investors wrestle with increasing geopolitical and commercial tensions, as well as the continuous demand from global central banks.

The gold stain increased by 0.5 % to $ 3341.48 an ounce starting from 1:23 pm in Singapore. Bloomberg index in dollars fell 0.2 %, and put it on the correct path of a weekly loss of 0.5 %. The silver was fixed, while aldoium and platinum ascended.

Elsewhere, investors were weighing the potential economic impact of Trump’s financial package, after the House of Representatives passed the draft law on Thursday. Comprehensive legislation is expected to expand the United States’ deficit by $ 3.4 trillion over the next decade, according to the non -partisan congress budget office. The demand for sanctuaries such as gold can be enhanced.