Gold prices retreated from their all-time highs on Friday as the dollar strengthened, but they are still on track for their third weekly gain.
Spot gold fell 0.42%, or $12.72, to $3,032.18. Silver futures for May delivery fell 0.75% to $33.74 per ounce, and spot platinum fell 0.17% to $987.77.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.16% to 104.02.
Gold prices are up about 16% so far this year, as investors seek safe havens amid concerns about the impact of the trade war on economic growth, as well as geopolitical conflicts in the Middle East and Ukraine.
Citigroup analysts stated in a note: “In our bullish outlook, we expect gold prices to reach $3,500 per ounce by the end of the year, supported by significantly higher demand for hedging and investment amid fears of stagflation in the United States.”