Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape.

The U.S. dollar has firmed up against its major counterparts, as sentiment toward the greenback improved due to its safe-haven appeal amid the ongoing tariff uncertainties. The U.S. Dollar Index edged up 0.

The Canadian dollar weakened sharply after President Trump ramped up the threat of higher tariffs against Canada, but recouped losses after White House officials clarified that the exemption in compliance with the USMCA trade pact would remain in place.

President Donald Trump's antitrust enforcers recently cleared a string of multibillion-dollar deals in a week, demonstrating a willingness to settle with companies that marks a shift from the Biden administration.

President Donald Trump says he's prepared to tariff and punish countries that challenge the U.S. dollar as the global reserve currency.