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Gold futures finish sharply higher on Friday

24 May 2025 Evaluate

Gold futures finished sharply higher on Friday, as the renewed tariff threats from US President Donald Trump and a weaker dollar, boosted investment appeal of the bullion. President Trump had proposed a 50% tariff on imports from the European Union starting June 1st, while also threatening Apple with a minimum 25% tariff if it fails to relocate iPhone production to the US. The yellow metal for the most active contract climbs over 5% for the week.

Gold futures for August delivery soared by $70.90 or 2.13% to settle at $3,394.50 an ounce on the Comex division of the New York Mercantile. Spot gold surged by $62.99 or 1.91% to $3,357.51 an ounce.