Gold prices continued to rise on Friday, driven by the weakening of the dollar and the expectation of trade talks between the United States and China scheduled for this weekend. An ounce of gold gained 0.7% to 3326.99 USD, bringing its weekly increase to 2.4%. At the same time, the dollar lost 0.3% against a basket of currencies, which makes the yellow metal more attractive for foreign buyers, according to a mechanism well known in the markets

"Exaggerated movements in gold reflect strong buying pressure linked to economic uncertainty, tempered by profit-taking after the price surge,” analyzes Ross Norman, an independent consultant.

Markets are keeping their eyes on a possible breakthrough in Sino-American trade relationships. Officials from both countries are due to meet in Switzerland this weekend, a meeting seen as a first step towards de-escalation. Donald Trump has hinted that American tariffs on Chinese products — currently set at 145% — could be revised downwards

A safe haven par excellence in times of crisis, gold hit an all-time high of $3,500.05 per ounce last month, driven by central bank purchases, investor demand and trade tensions.

Other precious metals were also on the rise: silver rose by 0.3% to 32.56 USD per ounce, platinum by 0.9% to 984.16 USD and palladium by 0.4% to 979.75 USD per ounce, platinum by 0.9% to 984.16 USD and palladium by 0.4% to 979.75 USD per ounce.