Gold prices fall, head for gains for 8th straight week

Gold bars

Gold prices declined on Friday but remain on track to record gains for the eighth consecutive week as demand for safe-haven assets rises amid trade risks from US protectionist policies.

Gold futures for April delivery fell by 0.33% or $9.9 to $2,946.20 per ounce as of 10:36 am KSA time, though they remain up approximately 1.6% for the week.

Spot gold dropped 0.25% to $2,931.24 per ounce after hitting a record high of $2,954.69 per ounce in the previous session.

Silver futures for March delivery declined by 0.21% to $33.415 per ounce, while spot platinum prices fell 0.27% to $978.31 per ounce.

Gold's weak performance today coincided with a slight increase in the U.S. dollar index—which measures the greenback’s value against six major currencies—by 0.11% to 106.48 points.

Brian Lan, managing director at brokerage firm GoldSilver Central, told Reuters that global uncertainty persists, and while gold maintains its momentum for now, it may face short-term declines.

The biggest driver for gold in recent days has been US President Donald Trump's threat this week to impose a 25% tariff on car, chip, and pharmaceutical imports.

This comes despite Federal Reserve policymakers' concerns about the inflationary effects of such protectionist measures on the future of monetary easing.