Gold Extends Weekly Rally on Safe-Haven Demand Amid Geopolitical and Trade Tensions
Gold remains poised for its eighth consecutive weekly gain, driven by robust safe-haven demand fueled by geopolitical and trade tensions.
* Bullion traded marginally lower at approximately $2,926 an ounce on Friday, but maintains a weekly gain of over 1%.
* Fast-rising holdings in bullion-backed exchange-traded funds (ETFs) have characterized trading.
* An eighth weekly increase would mark the longest winning streak since 2020.
* Bloomberg's tally indicates a surge in global ETF holdings to the highest level since January 2024.
* Gold reached a fresh peak on Thursday amidst concerns over President Trump's potential reversal of US support for Ukraine.
* Successive record highs have been reached this year, following a 27% surge in 2024 due to apprehension over Trump's disruptive trade and geopolitical policies.
* Goldman Sachs has raised its year-end price target to $3,100 an ounce, citing central bank buying as a primary factor.
* The US dollar's weakness has also supported bullion, enhancing its appeal to global buyers.
* Comments from US Treasury Secretary Scott Bessent have dispelled speculation of a potential government revaluation of its gold holdings.
Spot Prices and Other Metals
* Spot gold declined 0.4% to $2,926.31 an ounce as of 10:32 a.m. EST in New York.
* Silver, palladium, and platinum all recorded declines.