Gold rose to around $3,330 per ounce on Friday, gaining for a third straight session, supported by safe-haven demand amid escalating trade tensions. President Donald Trump announced a 35% tariff on Canadian imports starting August 1 and signaled plans for 15–20% blanket tariffs on most other trade partners. This followed earlier threats against Brazil and proposed duties on copper, semiconductors, and pharmaceuticals. Meanwhile, Trump’s call for a 300 bps cut in the Fed funds rate fueled speculation about a dovish Fed nominee next year and raised concerns over longer-term inflation expectations. On the data front, initial jobless claims came in below forecasts, falling for a fourth week and reinforcing the view of a resilient labor market following last week’s strong non-farm payrolls report. Markets continued to price in two rate cuts this year, though rate futures suggest a consensus for a hold at the upcoming meeting. For the week, gold is set to end little changed.