Shafaq News/ Gold prices fell onFriday as investors reassessed their risk outlook in the wake of U.S. PresidentDonald Trump's tariff measures, which have provided more clarity on markettrends but raised concerns over economic slowdown.
Spot gold was down 0.4% at $3,101.01an ounce, as of 0710 GMT. Still, bullion was on track for a fifth consecutiveweekly gain, buoyed by its safe-haven appeal that aided gold to reach threerecord highs this week.
U.S. gold futures edged 0.1% higherto $3,123.00.
In the previous session, golddropped more than 2% as a broader market sell-off sparked by Trump's importtariffs, weighed on bullion traders.
This sharp pullback came just hoursafter gold reached a record high of $3,167.57.
"Gold tends to rally amiddifficult-to-price uncertainty - like the start of a war - but tends to losethat support once markets learn how to price the risks involved," saidIlya Spivak, head of global macro at Tastylive.
"The Trump administration seemsto have picked a road, and while sentiment clearly doesn't like it, at leastthe path of least resistance is more visible and easier to price. That istrimming some of gold's "market confusion" premium."
Trump said he would impose a 10%baseline tariff on all imports to the U.S. and higher duties on some of thecountry's biggest trading partners.
U.S. trading partners threatened toratchet up a trade war with Washington as these tariffs ignited fears of steepprice increases in the world's largest consumer market.
Federal Reserve officials, seekingmore detail on Trump's trade plans, got perhaps more than they anticipated whenhe unveiled sweeping tariffs, analysts said, noting that it could dramaticallyreshuffle the country's economic outlook.
The market now awaits the U.S.non-farm payrolls report, which could provide insights into the Fed's interestrate path.
Spot silver declined 1.5% to $31.4an ounce, platinum lost 0.8% to $944.80, and palladium was steady at $928.33.
(REUTERS)