Gold Pulls Back From Record Highs but Heads for Fifth Weekly Gain Amid Trump Tariff Turmoil

Gold prices slipped slightly in Asian trading on Friday but remained on course for a fifth consecutive weekly gain, as markets continued digesting the sweeping trade tariffs announced by U.S. President Donald Trump.

Spot gold was down 0.4% at $3,101.35 per ounce around 06:10 GMT, after reaching a fresh all-time high of $3,168.04 on Thursday before closing the day 0.7% lower. June gold futures, meanwhile, edged up 0.2% to $3,128.41 per ounce on Friday.

“Gold joined the sell-off on Thursday after hitting a new peak. Profit-taking weighed on prices, and the panic to ship bullion to the U.S. eased after the metal was excluded from new tariffs,” ING analysts wrote in a note.

Despite the dip, the precious metal remained close to record highs and was on track for its fifth straight weekly gain, supported by strong safe-haven demand.

Traders are now awaiting key U.S. labor market data later in the day, which could provide clues about the Federal Reserve’s next moves regarding interest rates.

Gold Still Backed by Trump’s Trade Policy

The pullback came after Trump unveiled sweeping new tariffs on April 2, including a flat 10% duty on all imports and targeted reciprocal tariffs aimed at specific nations.

China faces a combined tariff of 54%, with other notable rates including 24% on Japan, 20% on the European Union, 26% on India, 32% on Taiwan, and 46% on Vietnam.

While gold traditionally benefits from heightened market uncertainty, some investors locked in profits late Thursday and Friday following the recent rally. Still, the broader backdrop remains bullish for bullion.

“We expect ongoing trade and tariff uncertainty to keep supporting gold prices. Additionally, central bank buying—another key driver—appears likely to continue,” ING noted.

Other Precious Metals Weaken

Platinum futures fell 0.4% to $950.65 an ounce, while silver slipped 1% to $31.60 an ounce.

Copper Slides Further on Demand Concerns

Copper prices extended losses on Friday as Trump’s trade actions fueled concerns over slowing demand for the industrial metal.

Although copper was excluded from the current round of tariffs, a separate investigation is still underway and could result in additional duties.

Benchmark copper futures on the London Metal Exchange fell 1.1% to $9,256.10 per metric ton, while May copper futures in the U.S. gained 0.3% to $4.4662 per pound.

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