Gold rose to a record amid concerns about a widening trade war after President Donald Trump pushed ahead with US tariffs on all auto imports.
Bullion gained as much as 0.9% on Friday to top $3,085 an ounce, beating the previous record set a day earlier. It was on track for a fourth weekly gain, with prices supported by growing haven demand.
Trump on Thursday signed a proclamation to slap a 25% tariff on auto imports and pledged harsher punishment on Europe and Canada if they join forces "to do economic harm" to the US. Markets are also bracing for a fresh wave of trade levies on April 2 as the White House prepares so-called reciprocal tariffs. The exact scope of the plans isn't yet clear.
Read More: Trump's Trade War and the Economic Impact: Tariff Tracker
Mounting fears about the potential impacts of an escalating trade war overshadowed data showing the US economy expanded at a quicker pace in the fourth quarter than previously estimated. A measure of inflation was revised lower.
Source: Bloomberg
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