Gold rose near $2,870 an ounce on Friday, hitting a record high and heading for a sixth straight weekly gain. The precious metal has repeatedly set new records this week, boosted by accelerating central bank buying and rising safe-haven demand amid global trade tensions and economic uncertainty. President Trump followed through on plans to impose a 10% levy on all Chinese imports, prompting Beijing to announce retaliatory tariffs on U.S. energy goods, set to take effect next week. Adding to the uncertainty, Trump also suggested the U.S. could take over the Gaza Strip for reconstruction.
Loose monetary policy by major central banks has provided additional support, with the ECB, BoE and BoC all cutting interest rates, with the latter also ending quantitative easing. The RBI is expected to deliver a rate cut this week. Markets are also pricing in two 25-bps rate cuts from the Fed this year, with attention focused on today's jobs report for further insight into the labor market.
Source: Trading Economics
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