Gold Prices Stabilize Amid Global Trade Tensions
Gold prices have shown stabilization on Friday, lingering close to historical highs as the market anticipates new weekly gains, primarily driven by a surge in demand for safe-haven assets amidst escalating global trade tensions.
As of 00:38 GMT, spot gold saw a slight increase of 0.1%, reaching $2,859.59 per ounce, marking over a 2% rise for the week. At one point earlier in the day, gold peaked at $2,882.16.
Meanwhile, U.S. gold futures experienced a 0.3% uptick, now standing at $2,884.20. Despite achieving gains for five consecutive sessions, gold prices faced a decline of approximately 1% in the previous trading day due to a strengthening dollar in anticipation of the forthcoming U.S. jobs report.
Investors are keenly awaiting the jobs report, set for release at 13:30 GMT, to gain insight into the American economic landscape. The strength of the U.S. economy and prevailing interest rates significantly influence gold’s allure as an investment.
Goldman Sachs is maintaining its long-term forecast, projecting that gold may reach $3,000 per ounce by 2026. However, the bank cautioned that a temporary decline might occur should trade concerns diminish and market conditions stabilize.
In addition to gold, other precious metals also saw movements: silver increased by 0.1% to $32.24, while platinum edged up 0.2% to $987.38. Palladium, however, remained steady at $978.63.
