Gold futures on the COMEX division of the New York Mercantile Exchange rose 1.7 percent on safe-haven buying Friday, as the threat of a looming trade war between the U.S. and China intensified.

The most active gold contract for April delivery added 22.5 dollars, or 1.7 percent, to close at 1,349.9 dollars per ounce.

U.S. President Donald Trump on Thursday signed a memorandum that could impose tariffs on at least 50 billion U.S. dollars of imports from China, the latest unilateral move that poses a threat to global trade.

China's Commerce Ministry on Friday said it would impose tariffs on three billion U.S. dollars on U.S. goods, with officials accusing the U.S. of violating global trade rules.

Analysts note that the safe haven properties of the precious metal were appealing to investors, giving support to gold during the trading session.

The U.S. dollar index, which measures the buck against six rivals, went down 0.36 percent to 89.46 as of 1730 GMT.

Gold and the dollar typically move in opposite directions, which means if the dollar goes weak, gold futures will rise.

As for other precious metals, silver for May delivery went up 19.5 cents, or 1.19 percent, to settle at 16.582 dollars per ounce. Platinum for April was down 0.7 dollars, or 0.07 percent, to close at 948.4 dollars per ounce.