Gold prices rose in Asian trade on Friday, recouping some recent losses after safe haven demand was buoyed by U.S. President Donald Trump threatening more trade tariffs, while geopolitical tensions in the Middle East also helped.

Strength in the dollar– which was headed for a weekly gain– kept gains in gold and most other metals subdued on Friday. But silver and platinum were set for strong weekly gains, vastly outperforming gold as they notched fresh multi-year highs this week. 

Among industrial metals, U.S. copper futures fell sharply from recent peaks, seeing some profit-taking after Trump’s tariff threat drove stellar gains in the red metal earlier this week. 

Spot gold rose 0.5% to $3,341.27 an ounce, while gold futures for September rose 0.9% to $3,354.60/oz by 01:28 ET (05:28 GMT). 

Trump’s Canada tariff threat, Middle East tensions boost havens 

Trump on Thursday evening said he will impose 35% tariff on Canada from August 1, higher than his previously threatened 25% tariffs and also blindsiding Ottawa after some signs of improving trade relations.

The announcement sparked a risk-off move across major risk-driven assets, and spurred some gains in havens such as gold, and the yen.

On the geopolitical front, signs of little immediate deescalation in the Israel-Hamas war, as Jerusalem continued to launch attacks against the Gaza Strip, kept geopolitical tensions high in the Middle East. 

U.S. efforts to broker a ceasefire appeared to have yielded little progress in the past week, despite the White House’s claims that a deal was close. 

This trend offered gold some relief, although the yellow metal was nursing a muted weekly performance as it came under pressure from a recovery in the dollar. Speculation over the path of U.S. interest rates also weighed on gold, with the yellow metal remaining squarely within a $3,300/oz to $3,500/oz trading range seen for most of the year. 

Platinum, silver greatly outpace gold in recent weeks

Platinum and silver prices steadied near multi-year peaks, and were headed for weekly gains of between 1.9% and 3%. Both metals shot past gold in recent weeks, as they both benefited from increased speculation over tighter supplies and increasing demand in the coming months. 

Platinum was set for a sixth consecutive week of gains, as the white metal continued to benefit from a bullish industry report released in late-May. Platinum futures rose 0.3% to $1,420.25/oz and were close a 11-year high.

Silver futures rose for a third straight week, and were up 2.2% to $38.140/oz on Friday– their highest level in nearly 14 years. 

Among industrial metals, COMEX U.S. copper futures fell 1.2% to $5.5620 a pound, seeing extended profit-taking after Trump’s threat of a 50% tariff on the red metal sparked strong gains this week. U.S. copper futures had briefly hit record highs.

Benchmark copper futures on the London Metal Exchange were flat at $9,700.55 a ton.