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Bullion was exposed and pressured by two different situations in the past week as comments from Federal Reserve Chairman Jerome Powell damped expectations for a lengthy easing cycle, while fresh U.S tariff threats a day later fuelled global-growth concerns that renewed demand for the metal as a haven.

Despite a modest rebound in non-farm payroll data on Friday, the three-month average of 140000 growths was the slowest in nearly two years, while growing international trade concerns continued to put pressure on the dollar.

A U.S. government report Friday showed average hourly earnings climbed 3.2% from a year earlier, better than forecast, while the three-month average increase in payrolls was the slowest in almost two years.

That came a day after Trump said in a tweet he plans to impose a 10% tariff on $300 billion of Chinese imports beginning Sept. 1, and Beijing pledged to respond if he follows through.

Basically, the U.S. payrolls number didn’t really matter at all today because Trump had unleashed his trump card on China.

Analysts say the international trade situation is increasingly evident in the slowdown in the U. S. economy, an important factor in the Fed being forced to cut interest rates to boost the economy.