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Gold prices gained on Friday in Asia after U.S. President Donald Trump announced new tariffs on more Chinese goods.Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange were up 0.9% at $1,444.95 by 12:50 AM ET (04:50 GMT).Overnight, Trump said in a tweet that his administration would on Sept. 1 be putting a “small additional tariff of 10%” on the remaining $300 billion of goods and products coming in from China.The move was due to its apparent lack of commitment to secure a trade deal with the U.S., the president said.
The new tariffs are on top of the 25% tariffs on $250 million of imported Chinese goods.Gains for the yellow metal were limited amid disappointment over what was deemed an inadequate U.S. interest-rate cut.While the U.S. Federal Reserve cuts rate by a quarter-point as expected, Fed chair Jerome Powell said in his news conference that the rate cut was a just mid-cycle adjustment. Analysts had previously expected the central bank to announce a series of rate cuts to shield the U.S. economy from slowdown.The news dented demand for gold and other commodities that are priced in the U.S. dollar, which jumped following the announcement.
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