Gold prices edged higher in Asian trading on Friday, buoyed by renewed safe-haven demand after U.S. President Donald Trump unveiled fresh tariff measures. Geopolitical instability in the Middle East further supported gold’s modest rebound, although a strong U.S. Dollar capped broader gains across the precious metals complex.

The Dollar, on track to close the week stronger, limited gold’s upside, but silver and platinum continued to shine. Both metals outperformed gold significantly, with silver hitting its highest level in nearly 14 years and platinum approaching an 11-year peak, fueled by growing supply concerns and speculative buying.

Spot gold rose 0.5% to $3,341.27 an ounce, while September gold futures climbed 0.9% to $3,354.60 by 01:28 ET (05:28 GMT). Despite Friday’s gains, the metal remains rangebound, trading between $3,300 and $3,500 for most of the year amid uncertainty around U.S. interest rate policy.

Trump’s Tariff Threat and Middle East Tensions Drive Safe-Haven Demand

Trump’s announcement of a 35% tariff on Canadian goods—effective August 1 and higher than previously signaled—triggered risk aversion across markets. The unexpected escalation dealt a blow to improving trade relations with Ottawa and pushed investors toward traditional safe-haven assets, including gold and the Japanese yen.

In the Middle East, continued Israeli airstrikes on Gaza and lack of tangible progress in U.S.-brokered ceasefire talks kept geopolitical tensions elevated. These factors supported safe-haven flows but weren’t enough to offset gold’s sluggish overall weekly performance amid Dollar strength and rate speculation.

Silver and Platinum Outperform with Strong Weekly Gains

Silver and platinum remained the top performers among precious metals. Silver futures rose 2.2% to $38.14 per ounce, marking their third straight weekly gain and reaching their highest price since 2011. Platinum futures climbed 0.3% to $1,420.25 per ounce, putting the metal on track for a sixth consecutive weekly gain, fueled by bullish industry forecasts and tightening supply expectations.

Copper Slips After Stellar Run

In industrial metals, copper futures pulled back following a surge earlier in the week. COMEX copper fell 1.2% to $5.5620 per pound as traders locked in profits after Trump floated the possibility of a 50% tariff on the red metal. The previous rally had briefly driven prices to record highs. Meanwhile, benchmark copper on the London Metal Exchange held steady at $9,700.55 per ton.

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This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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