Gold set for fifth weekly gain as Trump tariffs boost safe-haven appeal

Gold prices held steady on Friday, set for a fifth consecutive weekly gain, as fears of a global trade war triggered by U.S. President Donald Trump's reciprocal tariffs increased demand for safe-haven bullion.

Investors also awaited the release of U.S. non-farm payrolls data later in the day.

FUNDAMENTALS

* Spot gold held its ground at $3,109.95 an ounce, as of 0033 GMT. U.S. gold futures firmed 0.3% to $3,129.60.

* In the previous session, gold dropped more than 2% as a broader market sell-off, sparked by Trump's import tariffs, weighed on bullion traders.

* This sharp pullback came just hours after gold reached a record high of $3,167.57.

* Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

* U.S. trading partners threatened to ratchet up a trade war with the United States as these tariffs ignited fears of steep price increases in the world's largest consumer market.

* U.S. Federal Reserve officials, wanting more detail on Trump's trade plans, got perhaps more than they bargained when he unveiled sweeping tariffs, analysts say could dramatically reshuffle the country's economic outlook.

* The market is now awaiting the U.S. non-farm payrolls report, which could provide insights into the Fed's interest rate path.

* Spot silver rose 0.1% to $31.89 an ounce, while platinum was unchanged at $951.95 and palladium lost 0.3% to $925.75.

DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM February 0600 Germany Manufacturing O/P Cur Price SA February 0600 Germany Consumer Goods SA February 0830 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT 1230 US Non-Farm Payrolls March 1230 US Unemployment Rate March 1230 US Average Earnings YY March.