Gold Prices Remain Stable Amid Trade Tensions
Gold prices showed minimal fluctuations during early trading on Friday, maintaining proximity to their historical highs and on track for a sixth consecutive weekly gain as concerns over a commercial conflict heightened demand for safe-haven assets.
Market participants are awaiting the release of non-agricultural employment data from the United States, which is anticipated to offer critical insights into the overall strength of the economy.
In live transactions, gold edged up 0.1 percent to $2,859.59 per ounce by 0038 GMT, marking a weekly increase of over two percent. Earlier in the week, gold reached an all-time high of $2,882.16.
Additionally, U.S. gold futures rose by 0.3 percent, reaching $2,884.20.
Despite witnessing five sessions of elevated prices driven by escalating trade tensions between the U.S. and China, gold prices experienced a 1 percent decline in the previous session due to a stronger dollar ahead of the job report.
The upcoming employment report is scheduled for release at 1330 GMT, which is expected to yield further indicators regarding the state of the economy.
Gold is traditionally viewed as a secure investment during periods of economic instability and geopolitical unrest; however, rising interest rates diminish the appeal of non-yielding assets.
On Thursday, Goldman Sachs reaffirmed its projection for gold prices to reach $3,000 per ounce by the second quarter of 2026, despite anticipating a temporary dip if uncertainties surrounding U.S. tariffs subside and market conditions stabilize.
Performance of Other Precious Metals
In addition to gold, other precious metals also demonstrated varied movements. Silver in live transactions gained 0.1 percent to $32.24 per ounce, while platinum increased 0.2 percent to $987.38. Palladium, however, remained steady at $978.63.
For the week, both silver and platinum have shown upward trends, whereas palladium is poised to record a weekly loss.
| Metal | Current Price (USD per ounce) | Weekly Change |
|---|---|---|
| Gold | $2,859.59 | +2% |
| Silver | $32.24 | +0.1% |
| Platinum | $987.38 | +0.2% |
| Palladium | $978.63 | -Weekly Loss |
