Gold prices hovered near record-high levels Friday and set for a sixth successive weekly gain, as trade war concerns fueled safe-haven buying ahead of the key U.S. payrolls report.
Spot gold was up 0.4% at $2,867.69 U.S. per ounce early Friday, and has gained more than 2% this week. Bullion hit an all-time high at $2,882.16 on Wednesday.
U.S. gold futures gained 0.5% to $2,889.80.
Earlier this week, the World Trade Organization said China initiated a dispute over the U.S. tariffs.
Goldman Sachs said they see upside risk to their $3,000 target from a potentially persistent boost from elevated U.S. policy uncertainty to central bank and investor hedging demand.
Focus now shifts to the U.S. employment report, due at 8:30 EST, which investors will scan for any hints on the U.S. interest rate cycle.
A full-employment economy with solid growth and falling inflation will let the Federal Reserve continue cutting rates, though uncertainty about the impact of tariffs and other policy changes argues for a slower approach.
Gold is considered a safe investment during economic and geopolitical turmoil, but higher interest rates reduce the non-yielding asset’s appeal.
Elsewhere, spot silver added 0.2% to $32.26 U.S. per ounce and platinum increased 0.6% to $991.10, while palladium shed 0.2% to $976.25 U.S.
Both silver and platinum were seen rising this week, while palladium was headed for a weekly loss.
