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Trump hits dozens of countries with steep tariffs

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US dollar index hovers near two-month high

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Silver, platinum, palladium set for weekly losses

(Updates for EMEA morning hours)

By Anmol Choubey

Aug 1 (Reuters) - Gold prices held steady on Friday, but

is poised for a third consecutive weekly loss pressured by a

stronger dollar and diminished expectations for U.S. rate cuts,

while uncertainty from U.S. tariffs on trading partners offered

support.

Spot gold was steady at $3,288.89 per ounce, as of

0733 GMT. Bullion is down 1.4% so far this week.

U.S. gold futures edged down 0.3% to $3,339.90.

The dollar index hit its highest level since May 29,

making gold more expensive for other currency holders.

"Gold remains weighed by reduced bets for Fed rate cuts for

the rest of 2025. This week's U.S. GDP, weekly jobless claims,

and PCE figures also shored up the Fed's reluctance to commit to

a rate cut," said Han Tan, chief market analyst at Nemo.Money.

Fed held rates steady in the 4.25%-4.50% range on Wednesday

and dampened expectations for a September rate cut.

U.S. President Donald Trump slapped steep tariffs on exports

from dozens of trading partners, including Canada, Brazil, India

and Taiwan, pressing ahead with his plans to reorder the global

economy ahead of a Friday trade deal deadline.

"The precious metal should, however, remain supported amid

the still-uncertain impact from U.S. tariffs on global economic

growth," Tan said.

U.S. inflation increased in June as tariffs on imports

started raising the cost of some goods.

Focus now shifts to U.S. jobs data, due later on Friday, as

investors assess the Federal Reserve's policy trajectory, with

July job growth expected to have slowed and the unemployment

rate projected to rise to 4.2%.

Gold, often considered a safe-haven asset during economic

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

environment.

Physical gold demand in key Asian markets improved slightly

this week as a pullback in prices sparked buying interest,

though volatility kept some buyers cautious.

Spot silver fell 0.7% to $36.50 per ounce, platinum

lost 0.8% at $1,278.40 and palladium was down 0.2%

to $1,188.28. All three metals were headed for weekly losses.