Gold hit an all-time high on Friday, boosted by uncertainty over U.S. tariffs, trade tensions and growing expectations of monetary easing by the Federal Reserve.
Spot gold fell 0.1% to $2,984.71 an ounce by 0701 GMT. Earlier in the session, safe-haven bullion hit a record high of $2,993.80 and held near the key $3,000 milestone.
Bullion is on track for a second straight weekly gain, up 2.5% so far.
U.S. gold futures rose 0.2% to $2,997.50.
"The market's risk-off stance reflects investors' expectations that trade tensions are likely to worsen before easing, and is turning to safe-haven gold once again as a hedge against portfolio volatility," said IG market strategist Yeap Jun Rong.
In the latest development in US President Donald Trump's multi-front trade war, the European Union retaliated by imposing US tariffs on steel and aluminium with a 50% tax on US whiskey exports. In response, the president threatened on Truth Social to impose 200% tariffs on European wine and spirits imports.
"The psychological $3,000 level is now coming into view for gold prices, and as we approach the second quarter, where reciprocal tariffs could trigger another wave of market turbulence, gold remains an attractive safe-haven asset in an environment where alternatives are scarce," Rong said.
Trump's tariffs are widely expected to stoke inflation and economic uncertainty, and have pushed gold to several record highs in 2025.
Gold is seen as a hedge against political and inflation risks.
Investors now await the Fed's monetary policy meeting, scheduled for Wednesday. The central bank is widely expected to keep its benchmark interest rate in a range of 4.25%-4.50%.
Non-yielding bullion thrives in a low-interest rate environment. Meanwhile, Russian President Vladimir Putin said on Thursday that Russia supports a U.S. proposal for a ceasefire in Ukraine in principle, but asked for a number of clarifications and conditions that appeared to rule out a quick end to the fighting.
Spot silver rose 0.2% to $33.86 an ounce, platinum fell 0.3% to $991.34 and palladium rose 0.7% to $964.45. (Newsmaker23)
Source: Reuters
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