Safe-haven gold scaled an all-time record peak on Friday and was poised to post a fourth straight weekly gain as geopolitical risks and economic concerns surrounding China attracted robust demand.
Spot gold was up 0.9% at $2,394.87 U.S. per ounce overnight Friday after hitting a record high of $2,400.35 earlier in the session. Prices were up nearly 3% for the week.
U.S. gold futures gained 1.6% to $2,411.70.
Experts also say there is potential for more upside in gold prices amid central bank purchases and as demand for safe-haven assets rise with growing anxiety among investors about geopolitical conflicts escalating.
Doubts about “the Chinese economy feeds into worries about growth of the global economy and this also compounds the market sentiment of seeking safe-haven assets,” they added.
Elsewhere, Iran has signaled to Washington that it will respond to Israel’s attack on its Syrian embassy in a way that aims to avoid major escalation.
Investors also kept a tab on data that showed China’s March exports and imports shrank, highlighting the tough task facing policymakers as they try to bolster a shaky economic recovery.
Thursday’s U.S. Producer Price Index(PPI) came in softer than expected, a day after March’s hot Consumer Price Index(CPI).
Spot silver rose 2.3% to $29.13 U.S. per ounce, hitting its highest levels since early 2021.
