India, May 23 -- Gold futures moved sharply higher during trading on Friday, more than offsetting the pullback seen in the previous session.
After falling $17 or 0.5 percent to $3,292.30 during Thursday's session, gold for May delivery surged $71.30 or 2.2 percent to $3,363.60 an ounce. With the increase, the price of gold spiked by 5.7 percent for the week.
The precious metal benefitted from its appeal as a safe haven after President Donald Trump threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st.
Trump claimed in a post on Truth Social that the EU has "been very difficult to deal with" and said trade talks with the bloc are "going nowhere!"
In a separate Truth Social, Trump also threatened to...