Safe-haven gold prices scaled an all-time record peak Friday and was poised to post a fourth straight weekly gain as geopolitical risks and economic concerns surrounding China attracted robust demand.
Spot gold was up 0.9% at $2,394.87 per ounce as of 0934 GMT after hitting a record high of $2,400.35 earlier in the session. Prices were up nearly 3% for the week.
U.S. gold futures gained 1.6% to $2,411.70.
There is potential for more upside in gold prices amid central bank purchases and as demand for safe-haven assets rise with growing anxiety among investors about geopolitical conflicts escalating, said Ricardo Evangelista, senior analyst at ActivTrades.
Doubts about “the Chinese economy feeds into worries about growth of the global economy and this also compounds the market sentiment of seeking safe-haven assets,” he added.
Iran has vowed revenge for the April 1 airstrike on its embassy compound in Damascus, ratcheting up tension in a region already strained by the Gaza war. This is driving up regional and global instability.
