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Trump announces 35% tariff on Canada

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U.S. weekly jobless claims slip to 7-week low

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U.S. dollar index heads for best week in nearly 5 months

(Updates for Asia mid-session trading)

By Anmol Choubey

July 11 (Reuters) - Gold rose on Friday after U.S.

President Donald Trump announced new tariffs on Canadian imports

and broader tariff threats to other trading partners, but gains

were capped by a stronger dollar amid mounting signs of turmoil

in global trade landscape.

Spot gold rose 0.3% to $3,332.73 per ounce, as of

0423 GMT. U.S. gold futures added 0.5% to $3,343.70.

On Thursday, Trump said U.S. would impose a 35% tariff on

imports from Canada and planned to impose blanket duties of 15%

or 20% on most other trade partners.

This follows Wednesday's announcement of a 50% tariff on

U.S. copper imports and a similar levy on goods from Brazil,

along with tariff notifications sent earlier to other trading

partners, including Japan and South Korea.

All newly announced tariffs will take effect on August 1.

"Despite Trump's tariff wars picking up steam again, gold

hasn't gotten the boost it previously has because investors are

becoming more accustomed to both the tariff story and Trump's

policy-making style," KCM Trade Chief Market Analyst Tim Waterer

said.

The U.S. dollar index was on track to record its best

weekly performance since the week ended February 24, making gold

more expensive for international buyers.

"The move north by the dollar in unison with gold probably

limited the size of the gains in the precious metal," Waterer

said.

Weekly jobless claims in the U.S. fell unexpectedly to a

seven-week low, indicating stable employment levels despite a

cooling labour market and signalling no urgency for the Federal

Reserve to resume cutting interest rates.

Gold, often considered as a safe-haven asset during economic

uncertainties, tends to do well in a low-interest-rate

environment.

Spot silver gained 0.4% at $37.19 per ounce, platinum

fell 0.3% to $1,357.18 and palladium rose 0.1% to

$1,142.70.