Bangalore: Despite Friday’s decline, gold prices were on track for a third consecutive weekly increase, supported by demand for safe haven assets amid economic and geopolitical unpredictability and the expected rate decrease by the US Federal Reserve later this year.
At 3:59 p.m. Saudi time, spot gold was down 0.3 percent at $3,034.02 an ounce. US gold futures fell 0.1 percent at $3,040.90. So far this week, the price of gold has increased by 1.7%.
A small profit is being made ahead of the weekend. According to Peter Grant, senior metals strategist and vice president at Zaner Metals, the main driver is still the ongoing demand for safe havens, which is based on geopolitical uncertainties and trade concerns.
Due to economic uncertainties and geopolitical concerns, gold has reached 16 record highs this year. On Thursday, it reached an all-time high of $3,057.21 per ounce, four of which have surpassed the critical $3,000 threshold. President Donald Trump of the United States continues to plan for the new reciprocal tariff rates to go into force on April 2. As was generally anticipated, the Fed kept its benchmark interest rate unchanged on Wednesday, although it did signal two quarter-percentage-point rate decreases before the year ends.
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