11/07/2025
update for Friday, July 11, 2025, along with a breakdown of what’s driving today’s move:
📈 Market Snapshot
Spot gold rose to trade around $3,347, The uptick comes amid new U.S. tariffs and heightened trade tensions, though its full effect was limited by a strong dollar
🌍 Why Gold Went Up
1. New U.S. Tariffs Announced
President Trump announced a 35% tariff on Canadian imports and broad duties (15%–20%) on other partners, plus proposed levies on copper and Brazilian goods, effective August 1
This reignited safe-haven demand for gold.
2. Dollar Strength Restricted Gains
The U.S. dollar rose to its strongest level in weeks, which tempered gold’s upside potential
3. Solid U.S. Labor Market
Weekly jobless claims dropped to a seven-week low, suggesting a firm labor market and reducing immediate expectations of Fed rate cuts
Reuters
This limited the rally a bit, as strong fundamentals usually favor gold if cuts are looming.
🔍 Technical Levels
Support: Around $3,320–3,330 — the current bounce zone.
Resistance: Approaching $3,350+, where upside stalled earlier this week.