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

April 4 (Reuters) - 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 XAU= held its ground at $3,109.95 an ounce, as of 0033 GMT. U.S. gold futures GCcv1 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. MKTS/GLOB

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 XAG= rose 0.1% to $31.89 an ounce, while platinum XPT= was unchanged at $951.95 and palladium XPD= 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