FX.co ★ Gold Rebounds, On Track for 5th Week of Gains

Gold prices rebounded from early declines to trade slightly higher above $3,121 per ounce on Friday, nearing record peaks as demand for safe-haven assets intensified amid escalating trade tensions. China's announcement of a 34% duty on all U.S. imports, a countermeasure to President Trump’s tariffs, has sparked concerns regarding global economic stability and inflationary pressure. Despite the escalating trade conflict, Trump's "reciprocal" tariffs have not impacted the precious metals market. COMEX warehouses in the United States have experienced a significant surge in gold inventories recently, driven by concerns that import tariffs might disrupt shipments. For the week, gold has risen approximately 1%, marking its fifth consecutive weekly increase.