Gold prices fell on Friday but were set for an eighth straight week of gains on the back of two consecutive record highs, as safe-haven demand remained strong amid concerns about U.S. President Donald Trump’s tariff plans.
Spot gold shed 0.4% to $2,926.54 an ounce. Bullion has gained around 1.5% this week after rising to a record $2,954.69 on Thursday. U.S. gold futures fell 0.5% to $2,940.90.
Prices have shattered two record highs this week to trade above $2,950/oz, as uncertainties surrounding global economic growth and political instability have underscored investor appetite for bullion, which has risen 11.5% so far in 2025.
Trump’s fresh bout of tariff plans announced earlier this week includes duties on lumber and forest products, on top of previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
This comes after the imposition of an additional 10% tariff on Chinese imports and a 25% tariff on steel and aluminum.
Market participants are also looking out for clues on the Federal Reserve’s interest rate trajectory, in the light of Trump’s policies being seen as inflationary.
