Gold prices edge lower from record highs; set for 5th weekly gain on Trump tariffs

Investing.com-- Gold prices inched lower in Asian trading on Friday but were still set for their fifth straight weekly gain as traders assessed the implications of sweeping trade tariffs announced by U.S. President Donald Trump a day earlier.

Spot Gold inched 0.4% lower to $3,101.35 per ounce by 02:10 ET (06:10 GMT). Gold had hit a fresh record high of $3,168.04 on Thursday, but settled 0.7% lower.

Gold Futures expiring in June edged up 0.2% to $3,128.41 an ounce on Friday.

“Gold joined the sell-off on Thursday, after hitting a fresh record high earlier in the day. Profit-taking pressured prices, while the rush to ship metal to the US will calm down after the precious metal was excluded from new tariffs,” ING analysts said in a note.

Despite the dip, bullion remained close to record highs and was on track for its fifth consecutive weekly gain, underpinned by strong safe-haven demand.

Market participants were cautious as they awaited U.S. nonfarm payrolls report later in the day for insights on the Federal Reserve’s interest rate outlook.

Gold remains supported by Trump’s trade policy

The modest pullback came after U.S. President Donald Trump, on April 2, unveiled sweeping new tariffs—imposing a universal 10% duty on all imports and reciprocal tariffs targeting specific nations.

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

While gold typically benefits from market uncertainty, some profit-taking emerged on late Thursday and Friday as investors booked gains after the metal’s recent rally. Still, the broader environment remains supportive of bullion.

“We see uncertainty over trade and tariffs continuing to buoy prices. Also, central bank buying, another key driver, is likely to continue,” ING analysts added.

Other precious metals were also lower. Platinum Futures fell 0.4% to $950.65 an ounce, while Silver Futures declined 1% to $31.60 an ounce.

Copper extends losses on demand worries

Copper prices fell on Friday, extending losses as Trump tariffs stoked worries of lower demand for the industrial metal.

Although the U.S. administration excluded copper from its current round of tariffs, it was still conducting a separate investigation that could lead to additional duties.

Benchmark Copper Futures on the London Metal Exchange fell 1.1% to $9,256.10 a ton. Copper Futures expiring in May gained 0.3% to $4.4662 a pound.