WASHINGTON (dpa-AFX) - Gold prices continued extending their earlier session gains on Friday, as the President Donald Trump intensifies his tariff pressure on US trade partners.
Front Month Comex Gold for July delivery surged $38.60 (or 1.16%) to $3,356.00 per troy ounce today. Gold price gained $24.40 (or 0.73%) this week.
Front Month Comex Silver for July delivery spiked $1.638 (or 4.42%) to $38.676 per troy ounce today. Silver price gained $1.8920 (or 5.14%) this week.
Trump announced a 35% tariff on Canadian imports, effective August 1. This was conveyed to Canadian PM Mark Carney through a letter. Trump also added that any counter-tariff imposed by Canada shall be re-imposed by the same number on top of the 35%.
Trump has expressed his displeasure with Canada (and even with Mexico) on their measures to arrest illegal immigration and illicit drug flow into the US through these US-bordering countries.
When earlier this week, Trump pushed the final date for reciprocal tariff suspension period from July 9 to August 1, it was perceived as a softening of his stance. But soon he sent out letters to more than 20 countries informing them of new levies ranging from 25% to 40%.
Trump then announced plans to impose an additional 10% tariff on BRICS alliance nations as he considered them 'Anti-American'.
Next, he announced 50% tax on copper imports and threatened a 200% on pharmaceutical imports to the US.
With the UK, China, and Vietnam clinching deals with the US, Canada and India are in serious talks with the US officials.
In June, Canadian PM Mark Carney had stated Canada and the US were negotiating a deal to be signed by July 21.
The minutes of the FOMC meeting revealed that a majority of the US Fed's policymakers are not keen on cutting interest rates anytime sooner than September as they prefer a 'wait-and-see' approach. Notably, Trump is in favor of an interest rate cut regime.
Though markets are getting de-sensitized to Trump's tariff threats, an end to the trade war seems nowhere near.
Sensing Trump's expansion of tariffs, the appeal for safe-haven metal got a boost.
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