Gold prices edged higher in Asian trade on Friday, supported by renewed safe haven demand after U.S. President Donald Trump announced plans to impose a 35% tariff on Canada starting August 1. The move, which exceeded previous threats and surprised Ottawa amid thawing trade relations, triggered risk-off sentiment across markets. Geopolitical tensions in the Middle East also helped lift demand for havens like gold and the Japanese yen.
Spot gold rose 0.5% to $3,341.27 an ounce, while gold futures for September gained 0.9% to $3,354.60. Despite Friday’s gains, gold remained range-bound between $3,300 and $3,500, pressured by a stronger dollar and ongoing speculation over the U.S. interest rate outlook.
Silver and platinum continued to outperform gold, posting strong weekly gains. Silver futures rose 2.2% to $38.14 an ounce, marking their highest level in nearly 14 years and a third consecutive week of gains. Platinum futures gained 0.3% to $1,420.25, nearing an 11-year high and extending their weekly win streak to six, driven by tight supply concerns and bullish industry forecasts.
In industrial metals, copper prices pulled back after recent highs. COMEX copper futures slipped 1.2% to $5.5620 per pound following profit-taking, despite briefly hitting record levels earlier this week on Trump’s separate threat of a 50% tariff. London Metal Exchange benchmark copper was flat at $9,700.55 per ton.
Overall, while gold regained ground amid geopolitical and trade tensions, silver and platinum continued to shine brighter, fueled by bullish fundamentals and investor interest in alternative precious metals.