Gold Price Forecast: XAU/USD holds losses below $3,300 as Trump sets baseline tariff rate of 10%

• Gold price edges lower to around $3,285 in Friday’s early Asian session.

• Trump kept the minimum global tariff rates at 10%. 

• The US employment data for July will take center stage later on Friday. 

The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday. The precious metal loses ground amid the rebound in the US Dollar (USD) after US President Donald Trump announces fresh tariff deals with trade partners. 

The White House late Thursday stated that Trump will set a baseline tariff rate of 10%, resisting prior suggestions he could raise the floor to 15% or higher, per Bloomberg. Additionally, Trump has signed an executive order increasing the tariff on Canada from 25% to 35%, effective on August 1, 2025. Trump extended Mexico’s current tariff rates for 90 days to allow more time for trade negotiations. 

Traders continue to assess the developments surrounding US tariffs ahead of the US employment data for July, which will be published later on Friday. The US economy is projected to add 110K jobs in July, while the Unemployment Rate is expected to rise to 4.2% from 4.1% during the same period.

A hawkish stance from the US Federal Reserve (Fed) could weigh on the non-yielding yellow metal in the near term. The US central bank kept rates steady at its July meeting on Wednesday, and Fed Chair Jerome Powell said the Fed needed to wait for more data before deciding whether to adjust rates in September. However, any signs of trade tensions or escalating geopolitical tensions could boost the safe-haven flows and help limit the gold’s losses.