Gold hits new record, nears $4,400

Gold nears $4,400, heads for best week in five years on trade tensions

Gold jumped to fresh record highs on Friday and was set for its strongest weekly gain in five years as trade tensions between the world’s two largest economies stoked safe-haven demand.

December futures rose 1.8% (+$77.7) to $4,383.10 an ounce after hitting a record $4,392. Spot gold climbed 1% to $4,367.08, easing from an all-time high of $4,378.69.

The dollar index slipped 0.2% to 98.16 as of 08:01 am KSA time.

Elsewhere, December silver added 0.3% to $53.45 an ounce. Spot palladium edged up 0.1% to $1,615.47, while spot platinum fell 0.4% to $1,704.14.

Comments from Fed Governor Christopher Waller bolstered expectations for another rate cut, as he voiced support for additional easing amid a cooling labor market.