Market Update: Gold Prices near Record Highs Amid Global Trade Tensions
Gold prices have stabilized as of Friday, approaching all-time highs and poised for new weekly gains, driven by heightened demand for safe-haven assets amidst escalating global trade tensions.
As of 00:38 GMT, spot gold prices rose by 0.1%, reaching $2,859.59 per ounce, marking a weekly increase of over 2%. Earlier in the session, the price peaked at $2,882.16.
U.S. gold futures advanced by 0.3%, currently trading at $2,884.20. Despite experiencing five consecutive days of gains, prices fell approximately 1% in the previous session due to the dollar’s strength ahead of the forthcoming U.S. jobs report.
Investors are keenly anticipating the jobs report, set to be released at 13:30 GMT, which will provide insights into the U.S. economic landscape. Both economic robustness and interest rate fluctuations are critical factors influencing gold’s investment allure.
In a separate forecast, Goldman Sachs has upheld its outlook for gold to reach $3,000 per ounce by 2026, but cautioned that a temporary decline might occur if trade concerns diminish and market conditions stabilize.
In related precious metals, silver increased by 0.1%, reaching $32.24, while platinum rose 0.2% to $987.38, with palladium remaining steady at $978.63.
