Gold Rallies On Trump's Trade War

Gold futures surged Friday as stocks floundered on President Donald Trump's steel tariffs against a number of U.S. trade rivals.

Hawkish comments from Fed Reserve Chair Jerome Powell put a cap on gold's rise.

"We see wages by a couple of measures trending up a little bit, but most of them continuing to grow at two and a half percent," Powell said.

"Nothing is suggesting to me that wage inflation is at a point of accelerating," he added. "I would expect that some continued strengthening in the labor market can take place without causing inflation."

Gold was up $17 at $1322 on ounce, trimming recent losses.

Barrick Gold Corp. (ABX, ABX.TO) said that Moody's Investors Service has upgraded the senior unsecured ratings of Barrick and all rated subsidiaries to Baa2 from Baa3, with a stable outlook.

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