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2025-08-01 10:43:00
Gold Prices Stable but Expected to End the Week Lower, Stronger US Dollar Suppresses Precious Metals' Performance. 1. Spot gold held steady at $3,287.86 per ounce in early trading on Friday, down 1.4% for the week and on track for its first weekly decline in three weeks. Market analysis shows that the US dollar index climbed to near a two-month high, dampening gold's appeal, while investors closely watched the upcoming US non-farm payroll data for new trading cues. 2. The US dollar index edged up 0.05%, extending its overnight gains. US President Trump signed an executive order Thursday evening, imposing tariffs ranging from 10% to 41% on goods from dozens of trading partners. Among them, tariffs on Canadian goods were raised from 25% to 35%, while Mexico was granted a 90-day tariff exemption. This trade policy change boosted the US dollar, making dollar-denominated gold more expensive for overseas buyers. 3. Market sentiment was further dampened, with Asian stock markets generally lower. Investors worried that the new round of tariffs could escalate global trade tensions, but there was no significant safe-haven inflow into the gold market. At the same time, holdings of the SPDR Gold Trust, the world's largest gold ETF, fell slightly by 0.09%, reflecting a weakening of market demand for gold. 4. Market focus is now turning to the U.S. non-farm payroll report, which will be released in the evening of Beijing time. After the Federal Reserve kept interest rates unchanged this week, labor market data will become a key indicator for determining the Fed's next policy direction. Traders said that strong employment data could further push up the dollar and increase downward pressure on gold; otherwise, it could provide short-term support for gold prices.
