Gold prices hit all-time high

Gold bars

Gold prices surged on Friday to an all-time high, amid escalating concerns about a global trade war, prompting investors to seek safe havens.

Gold futures for June delivery rose 0.9%, or $27.9, to $3,118.8 per ounce at 10:25 am Makkah time.

Gold spot prices increased 0.77%, or $23.56, to $3,080.85, marking a record high and boosting their weekly gains to 1.8%. They are also heading for their fourth consecutive weekly gains.

Silver futures for May delivery climbed 0.83% to $35.38 per ounce, while platinum spot prices increased to $990.93.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, stabilized at 104.33 points.

Gold has the wind at its back at the moment. US trade policy, US fiscal policy, geopolitics and a growth slowdown - everything is blowing in gold's direction, Reuters reported, citing Capital.com's financial market analyst Kyle Rodda.