Gold Holds Two-Day Rise With Tariffs and Interest Rates in Focus

Gold steadied after a two-day climb as traders focused on tariff threats from President Donald Trump and the outlook for US monetary policy.

Bullion traded above $3,332 an ounce, after posting modest gains on Wednesday and Thursday that pared a weekly drop. The president proposed a slew of this week, including moves against and Brazil, while pushing the overall deadline for implementation to Aug. 1. In addition, he’s planning a substantial levy on .

Elsewhere, investors were considering the outlook for US interest rates. Policymakers have held borrowing costs steady this year, though a over how many rate cuts officials expect this half. Fed Bank of San Francisco President Mary Daly said she still views as likely, with a greater chance that the price effects from tariffs may be more muted than anticipated. Lower borrowing costs tend to benefit bullion.

Gold has rallied more than a quarter this year, setting a record above $3,500 an ounce in April. Trump’s erratic efforts to overhaul trade policies continue to serve as a steady source of uncertainty for markets , driving demand for havens amid worries about the long-term impact on the global economy. Theadvance has also been aided by heightened geopolitical tensions and .

Spot gold was 0.3% higher at $3,332.31 an ounce at 8:32 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver and palladium rose, while platinum fell.