Gold rises to near $5,200 amid US tariff uncertainty, US PPI data in focus
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Gold jumps to near $5,195 in Friday’s early Asian session.
Uncertainty around US import tariffs supports the Gold price, a safe-haven asset.
The US and Iran will hold talks next week after progress in Geneva.
US January PPI inflation reports will be in the spotlight on Friday.
Gold (XAU/USD) attracts some buyers to around $5,195 during the early Asian session on Friday. The precious metal edges higher as US tariff uncertainty spurs safe-haven demand. Traders await the release of the US January Producer Price Index (PPI) reports later on Friday for fresh impetus.
US President Donald Trump said that he would impose a blanket 15% tariff on imports after a Supreme Court ruling struck down his earlier reciprocal tariff regime. However, US Trade Representative Jamieson Greer stated that levies could be raised to 15% or higher for many countries in the coming days. A lack of clarity over US trade policy has provided some support to the yellow metal in the previous sessions, as Gold is widely seen as a traditional safe-haven asset during times of uncertainty.
On the other hand, easing tensions between the United States (US) and Iran might cap the upside for Gold. Oman’s Foreign Minister Badr Albusaidi said on Thursday that the US and Iran will continue nuclear talks next week after making “significant progress” in Switzerland. Traders will closely monitor the developments surrounding US-Iran talks. Negotiations will resume at a technical level in Vienna after an initial consultation period.
All eyes will be on the US PPI report on Friday as it might offer some hints about the US interest rate path. Economists expect the PPI to show a moderate increase of 0.3% MoM in January, compared to 0.5% recorded in December. The annual PPI is projected to show a rise of 2.6% in January versus 3.0% prior. A "hotter-than-expected" reading could boost the prospect of a near-term hold on US interest rates, which weighs on the precious metal that doesn’t pay interest.
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