Gold set for eighth straight weekly gain

Gold prices were little changed on Friday but were set for an eighth straight weekly gain, driven by concerns that U.S. President Donald Trump’s plans for tariffs could ignite trade wars and stoke inflation.

Spot gold was up 0.1 percent at $2,941.25 an ounce by 0018 GMT. The precious metal has gained about 2 percent this week and hit an all-time high of $2,954.69 on Thursday.

U.S. gold futures were steady at $2,956.60. Gold is often seen as a hedge against geopolitical risk and inflation, Reuters reported.

Earlier this week, Trump said he would announce new tariffs next month or possibly sooner, adding timber to his previously announced plans to levy duties on imported cars, semiconductors and pharmaceuticals.