By Rahul Paswan
(Reuters) – Gold prices edged lower on Friday, but remained on track for an eighth week of gains, supported by safe-haven demand on concerns over U.S. President Donald Trump’s tariff threats.
Spot gold was down 0.3% to $2,931.19 an ounce by 0749 GMT, after hitting an all-time high of $2,954.69 on Thursday. Bullion has added more than 1% so far this week, and is set for its longest weekly winning streak since mid-2020.
U.S. gold futures fell 0.4% to $2,945.70.
“Many have been anticipating the $3,000 mark, yet gold hasn’t quite reached it and has even pulled back slightly — that’s a normal correction and $3,000 is a significant psychological level. Once gold breaks through it, what is now resistance could turn into support level,” said Julia Khandoshko, CEO at broker Mind Money.
Earlier this week, Trump said he would announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.
U.S. Federal Reserve officials are taking note of what they see as rising inflationary risks and the uncertain impact of Trump’s trade, immigration, and other policies.
Fed Governor Adriana Kugler said on Thursday that given the balance of risks, it is appropriate to hold the funds rate in place for some time.
Bullion acts as a hedge against geopolitical risks and inflation, but higher interest rates dampen the non-yielding asset’s appeal.
Spot silver added 0.1% to $32.96 an ounce, palladium dipped 0.4% to $973.75 and platinum fell 0.1% to $977.40.
Platinum has lost nearly 1% so far this week, while silver and palladium have climbed about 2% and 1%, respectively.
(Reporting by Rahul Paswan and Anushree Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.