Gold prices surged on Friday, nearing all-time highs, as the US dollar weakened following President Trump's comments suggesting a potentially softer stance on tariffs against China and advocating for lower interest rates. While gold in US dollars remained slightly below its record, the precious metal hit all-time highs in major currencies, including the Euro, Sterling, Japanese Yen, and Chinese Yuan.
Spot gold rose as much as 1.2%, reaching its highest level since Halloween’s pre-election peak of $2,790 per ounce this Friday lunchtime, after recovering from a $10 drop in the previous session. The yellow metal is on track for its best week since November 2024, when prices rose 3.2%.
This rally underscores gold's role as a safe-haven asset amid economic uncertainties and policy shifts.
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