Gold heads for fifth straight weekly gain

Gold prices stabilized on Friday amid growing fears of a global trade war, boosting demand for the precious metal as a safe haven during times of economic and political uncertainty.

Spot gold settled at $3,107.44 per ounce, while US futures rose 0.2% to $3,127.90.

The yellow metal had experienced sharp profit-taking in the previous session, falling more than 2% after hitting a record high of $3,167.57, fueled by widespread selling following US President Donald Trump’s announcement of a 10% tariff on all imports into the United States, with additional tariff increases for several major trading partners.

Gold is currently on track for its fifth straight weekly gain, supported by global market turmoil, fears of recession, and rising inflation.