Gold prices climbed to around $1,350 on Friday as investors seek safe-haven assets amid US President Trump’s aggressive tariff threats. US Commerce Secretary confirmed a hard deadline for countries to pay reciprocal tariffs, fueling concerns about supply chain disruptions. Despite robust US economic data dampening expectations of a Fed rate cut, gold remains a hedge against geopolitical risks. Investors are now focused on Fed officials’ comments for guidance on future policy moves that could impact gold prices.

The euro held steady near 1.16000 as trade tensions and economic data drive currency markets. US Commerce Secretary’s reaffirmation of a hard deadline for tariffs adds uncertainty to global trade. Investors await US economic indicators for insight into the Fed’s next steps, with weaker data potentially strengthening the case for rate cuts. Fed Governor Waller supports a July rate cut, citing concerns over a soft labour market and subdued inflation risks.

The Japanese yen climbed towards 149.000 as political uncertainty grips Japan following the ruling coalition’s defeat in the upper house election. Prime Minister faces challenges in a divided legislature, potentially leading to increased government spending and tax cuts. While these measures could weigh on the yen over time, ongoing trade tensions and tariff uncertainty provide near-term support for the currency as a safe-haven asset. Markets will closely monitor Japan’s political landscape and global trade developments for the yen’s trajectory.

Read more at Investing.com: Gold Prices Consolidate Ahead of Key Fed Signals and Global Tariff Deadline