WASHINGTON (dpa-AFX) - Gold prices hovered near three-month highs on Friday and were on track for a fourth straight weekly gain, buoyed by uncertainty surrounding U.S. President Donald Trump's tariffs plans and his calls for immediate interest rate cuts by the Federal Reserve.
Spot gold jumped 0.8 percent to $2,776.02 in European trade and was up more than 2 percent so far this week. U.S. gold futures were up 0.7 percent at $2,783.19.
The dollar is poised for a weekly loss, making bullion less expensive for overseas buyers.
The dollar slipped after Trump said during an interview that his recent conversation with Chinese President Xi Jinping was friendly and that he would rather not impose tariffs on China, suggesting a potentially softer stance on tariffs against the country.
He also called for lower oil prices and an immediate drop in U.S. interest rates. Focus also shifted to interest-rate decisions from the U.S. Federal Reserve and the European Central Bank (ECB) scheduled for next week.
No change is expected to U.S. interest rates while the ECB is set to cut rates again by 25 basis points.
Earlier today, the Bank of Japan raised its interest rates to their highest since the 2008 global financial crisis, revised up its inflation guidance and signaled more increases to come if GDP and price growth hit forecasts.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
