Gold hit a record high on Friday as fresh tariff plans from U.S. President Donald Trump fueled fears the global trade war will intensify further, prompting investors to seek refuge in the safe-haven precious metal.
Spot gold climbed 0.7% to $3,077.56 U.S. an ounce after hitting an all-time high of $3,079.01 earlier in the session. Bullion is up 1.8% this week, on track for a fourth straight weekly gain.
U.S. gold futures gained 0.8% to $3,086.80.
Uncertainty surrounding tariffs, potential for interest rate cuts, geopolitical conflicts and central bank buying have all fueled gold’s surge past the key $3,000/oz milestone.
Prime Minister Mark Carney said he would respond with unspecified trade actions if Trump imposes new auto tariffs that have expanded a global trade war and hammered stocks.
Trump is set to implement reciprocal tariffs on April 2, which could stoke inflation, dampen economic growth, and escalate trade disputes.
Spot silver eased 0.2% to $34.32 U.S. an ounce, platinum fell 0.3% to $984.14 U.S., and palladium lost 0.1% to $973.75 U.S.. All three envisioned weekly gains.
