The yellow metal recorded gains for the third consecutive session during midday trading on Friday, July 11, the closing session of the week, as market concerns persist over the US President’s recent escalation of the trade tariff war and increased demand for safe haven assets amid a decline in risk appetite. Silver recorded its highest level since 2011, outperforming gold in daily gains. Gold is trading up about 0.79% at $3,350 per ounce, while silver is trading at $37.4609 per ounce, up 1.58%.
The US President announced on the social media platform Truth Social the imposition of 35% tariffs on Canadian goods. He noted that Canada had previously retaliated against the tariffs imposed on it, and warned of any countermeasures that would be added to the tariffs scheduled for August 1. The US President announced earlier Thursday evening that he would impose comprehensive tariffs ranging from 15% to 20% on most trading partners. This move comes after he sent letters announcing the new tariffs to approximately 20 trading partners earlier this week, setting levels ranging from 20% to 40%, in addition to a 50% tariff on Brazilian imports and a 50% tariff on US copper imports.
These developments in the tariff file contributed to a decline in risk appetite in the markets and an increase in demand for safe-haven assets and currencies, led by gold and silver, amid a decline in US stock markets in futures before the opening.
Platinum is trading at $1,358, down about 0.14%, while palladium is up about 3.04%, trading at $1,176.