Gold rises, silver jumps over 3%

Gold bars

Gold prices rose on Friday and are on track for a seventh consecutive weekly gain amid escalating risks of a global trade war due to US tariff policies.

Gold futures for April delivery increased by 0.53% or $15.6 to $2,961 per ounce as of 09:47 am KSA time, marking a 0.50% gain for the week.

Spot gold rose by 0.25% to $2,936.25 per ounce, while silver futures for March delivery surged by 3.25% to $33.79. Spot platinum also climbed by 0.57% to $1,006.07 per ounce.

This came after US President Donald Trump directed his administration on Feb. 13 to study the imposition of reciprocal tariffs on Washington’s trade partners that levy duties on American imports.

Trump’s remarks and related news reports have been the primary drivers of gold prices this week, as investors turned to safe-haven assets to hedge against the risks of a global trade war.

In addition to Trump’s latest decision, official data released yesterday showed that the US core producer price inflation rate—which excludes volatile items like food and energy—declined to 3.4% in January from 3.5% in December.

The dollar index, which measures the greenback against six major currencies, fell by 0.24% to 107 points.