While the spotlight was also on the inflation data forecast for later in the day, gold prices extended their gains to a record high on Friday amid escalating trade war fears following the latest tariffs in the United States. American president Trump.

Spot gold climbed 0.5% to $3,071.96 per ounce at 0923 GMT after reaching an all-time high of $3,086.21 earlier. Prices headed for a fourth straight week of gains. US gold futures rose 0.7% to $3,081.20, after reaching a record high of $3,124.4 earlier in the session. According to Ole Hansen, head of commodity strategy at Saxo Bank, “gold has always been, and will continue to be, an asset to buy and hold for the long term because of its ability to preserve wealth and act as a hedge against turmoil in other asset classes

Bullion tends to do well in a low interest environment because they don't earn interest.

Spot silver was stable at $34.38 per ounce, platinum fell 0.2% to $983.55, and palladium rose 0.8% to $982.75, and palladium rose 0.8% to $982.75. These three metals are on track to make weekly gains.