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Gold prices surged on Friday, reaching an unprecedented peak and poised to mark weekly gains for the fourth consecutive week, driven by geopolitical tensions and economic concerns surrounding China, which spurred strong demand for the safe-haven asset.
As of 0934 GMT, spot gold prices rose by 0.9 percent to $2,394.87 per ounce, reaching an all-time high of $2,400.35 earlier in the session. Since the beginning of the week, gold has gained approximately three percent.
Meanwhile, US gold futures climbed by 1.6 percent to $2,411.70.
Investors closely monitored data revealing a contraction in China’s exports and imports for March, underscoring the challenges faced by policymakers in supporting the country’s fragile economic recovery.
In response to escalating tensions, Iranian sources indicated that Tehran conveyed to Washington its intent to respond to the Israeli attack on its embassy in Syria in a manner aimed at averting a significant escalation.
In addition to gold, other precious metals also saw notable gains. Silver surged by 2.3 percent in spot transactions, reaching $29.13 per ounce, marking its highest level since early 2021. Platinum rose by 1.8 percent to $997.51, while palladium increased by 1.1 percent to $1,058.
All three metals are on track to achieve weekly gains, further underscoring the heightened demand for safe-haven assets amid geopolitical uncertainties and economic challenges.
