Gold climbed about 0.3% to $3,299.54 per ounce on Friday after President Trump unexpectedly imposed steep tariffs on exports from Canada, Brazil, India and Taiwan.
Even with the gain, bullion finished the week down roughly 1.4%. Analysts noted that a stronger-than-expected U.S. jobs report could push prices back toward the $3,200 level.
Market participants are focused on the U.S. July non‑farm payrolls release, coming after June inflation rose 0.3%—an increase in part attributed to higher import costs following the tariff measures.
At its July 31 meeting, the Federal Reserve held its policy rate in the 4.25–4.5% range, which reduced expectations of an interest-rate cut in September.