The popular metal remained resistant to extending its gains as US President Donald Trump’s trade rhetoric on Mexico, Canada and China escalated.
The move sparked uncertainty about the outcome of the trade war and strengthened its position in the $2,750 area.
At 9.10 am, gold prices were at $2,755.42, having held steady since it opened early Thursday in Asian trading.
Limited recent US economic data has turned traders towards developments in the geopolitical conflict and Donald Trump’s trade policies.
In his statement, President Trump said that he did not want to put pressure on Russia and invited President Vladimir Putin to negotiate an end to the war and that if he refused, the country would be subject to taxes, tariffs and import restrictions.
In the Middle East, the ceasefire agreement between Israel and Hamas was set aside when Israel launched a drone attack on the Hasbaya area in southern Lebanon.
Currently, US economic data features Initial Jobless Claims data, S&P Global Flash PMI and housing data.
