NEW YORK: Gold prices rose on Friday and were on track for a sixth consecutive week of gains as escalating trade tensions between the US and China prompted investors to seek refuge in the safe-haven asset. Spot gold gained 0.2% to $2,861.46 per ounce as of 01:41 p.m. ET (1841 GMT), up more than 2% this week, after hitting a record high of $2,886.62 earlier in the session.
US gold futures settled 0.4% higher at $2,887.60. “Central focus of the gold market continues to be the uncertainty in regard to the Trump tariff policies,” said David Meger, director of metals trading at High Ridge Futures.
US President Donald Trump this week kick-started a trade war as he followed through on his threat to impose new duties on China, though he granted Mexico and Canada a one-month reprieve.
Gold is often used as a safe investment during times of political and financial uncertainty.
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