Gold Eases from Record High on Profit-Taking, Eyes Eighth Weekly Gain
Gold prices eased on Friday as investors booked profits from the previous session's record high, but were set for an eighth straight weekly gain, driven by strong safe-haven demand amid concerns over U.S. President Donald Trump's tariff plans.
Spot gold shed 0.1% to $2,939.63 an ounce as of 02:24 a.m. ET (1924 GMT). Bullion has gained around 1.9% this week after rising to a record $2,954.69 on Thursday.
U.S. gold futures settled 0.1% lower at $2,953.20.
Prices have shattered two record highs this week to trade above $2,950 an 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 aluminium.
Investors are also monitoring the U.S. Federal Reserve's interest rate trajectory for clues, given that Trump's policies are viewed as inflationary. Higher inflation could compel the Fed to maintain high interest rates, thus reducing the allure of non-yielding gold.
Spot silver was down 0.9% at $32.64 an ounce and palladium dipped 0.7% to $970.45. Both metals were headed for weekly gains.
Platinum shed 1.1% to $967.40 and eyed a weekly decline.
Source : Reuters
