Shafaq News/ Gold pricesextended gains to scale a record peak on Friday amid escalating trade war fearsfollowing U.S. President Trump's latest tariffs, while the spotlight was alsoon inflation data due later in the day.
Spot gold climbed 0.5% to$3,071.96 an ounce as of 0923 GMT after hitting an all-time high of $3,086.21earlier. Prices were headed for a fourth straight week of gains.
U.S. gold futures added 0.7% to $3,081.20, after touchinga record peak at $3,124.4 earlier in the session.
"Goldhas always been, and will continue to be, a long-term buy-and-hold asset due toits ability to preserve wealth and act as a hedge against turbulence in otherasset classes," said Ole Hansen, head of commodity strategy at Saxo Bank.
"Themarket remains supported by strong haven demand amid tariff concerns, sustainedcentral bank buying—particularly in Asia and renewed interest in bullion-backedexchange-traded funds (ETFs) from institutional investors."
Trump'sreciprocal tariffs, due to take effect on April 2, could stoke inflation,dampen economic growth and escalate trade disputes.
TheU.S. Personal Consumption Expenditures data is due at 1230 GMT, investors willscan it for hints on Federal Reserve's policy moves. The U.S. central bank heldits benchmark interest rate steady last week but indicated that it could cutrates later this year.
"Icurrently see gold testing the $3,200-$3,250 range in the near term, assumingno sudden reversal in Fed policy or easing of geopolitical risks," saidAlexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
Bulliontends to do well in a low interest rate environment as it yields no interest.
Elsewhere,Russian President Vladimir Putin suggested Ukraine be placed under a form oftemporary administration to allow for new elections and the signature of keyaccords to reach a settlement in the war.
Spotsilver was steady at $34.38 an ounce, platinum eased 0.2% to $983.55, andpalladium added 0.8% to $982.75. All three metals were set for weekly gains.
(Reuters)