Gold Holds Advance After Softer US Job Data, Tariff Roll-Outs

Gold steadied after gaining the most in two months on Friday, as traders weighed the implications of soft jobs data for the US economy and the Federal Reserve’s interest-rate path, Bloomberg reported.

Bullion traded near $3,360 an ounce, after rising 2.2% in the previous session, while equities dipped. The precious metal’s jump was driven by two main factors: a dramatic slowdown in US hiring report that fueled rate-cut bets, and President Donald Trump’s roll-out of some of the steepest trade tariffs since the 1930s.

The US added 73,000 jobs in July while the prior two months’ data were revised down by nearly 260,000, the Bureau of Labor Statistics said on Friday. Trump fired the head of the agency hours after the report sent markets tumbling.

Gold has climbed more than a quarter this year as Trump’s tumultuous policymaking and geopolitical tensions elsewhere in the world boosts haven demand. Investors and analysts see more gains ahead, with continued central bank buying and potential rate cuts.

Bullion was 0.1% lower at $3,359.81 an ounce at 1:15 p.m. in Singapore. The Bloomberg Dollar Spot Index was down 0.1%. Silver edged 0.2% higher, while palladium and platinum slipped.