Gold prices rose to all-time highs on Friday as concerns about a global trade war escalated, prompting investors to seek safe havens.
Spot gold rose 0.77%, or $23.56, to $3,085, hitting an all-time high and extending its weekly gain to 1.8%, marking its fourth consecutive weekly gain.
Silver futures for May delivery rose 0.83% to $35.38 per ounce, and spot platinum rose to $990.93.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, remained steady at 104.33.
Kyle Rodda, a market analyst at Capital.com, believes that the current tailwinds for gold are US trade and fiscal policy, geopolitical conditions, and slowing growth, all of which favor the precious metal, according to Reuters.
Investors are still awaiting US personal consumption expenditures data—the Fed’s preferred measure of inflation—due on Friday to assess the path of interest rates.