Thanks to a weaker dollar and growing concerns about the deterioration of the fiscal outlook for the world's largest economy, which reinforced the attractiveness of the precious metal as a safe haven, gold was poised on Friday to record its best week in more than for one month.

Spot gold gained 0.3% to $3,303.92 per ounce at 02:04 GMT. The ingot rose by 3% this week and is on track to achieve its best weekly performance since the beginning of April. US gold futures rose 0.2% to $3,303.00. According to Tim Waterer, chief market analyst at KCM Trade, “gold should be able to stay above the $3,000 threshold as long as tariffs, U.S. debt, and geopolitical tensions continue to weigh on financial markets

Gold is used as a safe haven in times of political and financial uncertainty.

Spot silver rose 0.1% to $33.12 per ounce, platinum strengthened 0.4% to $1,084.99, and palladium lost 0.1% to $1,013.63.