Sundaymail Editor
GOLD headed for an eighth consecutive weekly advance on increasing haven demand fuelled by geopolitical and trade tensions, with trading marked by fast-rising holdings in bullion-backed exchange-traded funds.
Bullion eased below US$2 928 an ounce on Friday, but remained more than 1 percent higher for the week.
An eighth weekly rise would be the longest winning run since 2020.
A Bloomberg tally of worldwide ETF holdings swelled to the highest since January 2024, with more than 16 tonnes added last week.
The precious metal hit a fresh peak on Thursday amid fears that President Donald Trump could unwind American support for Ukraine.
The US leader is preparing to meet with Russian President Vladimir Putin to negotiate a deal to end the war — a move that threatens to cut out Kyiv and its European allies.
Gold has hit successive records this year, after climbing 27 percent in 2024, amid mounting concerns over Trump’s consistently disruptive trade and geopolitical agendas. Goldman Sachs Group last week raised its year-end target for the metal to US$3 100 an ounce, saying central-bank buying would be a key driver.
An additional lift for bullion last week came from the US dollar.
A gauge of the currency was set for a third straight weekly loss last week, boosting the metal’s appeal for many buyers.
Elsewhere, investors assessed comments from US Treasury Secretary Scott Bessent, who dismissed speculation that the government might revalue its bullion holdings. Bloomberg recently reported that the idea was not under serious consideration among Trump’s top economic advisers.
Spot gold traded 0,4 percent lower at US$2 927,85 an ounce at 1.36pm in Singapore on Friday. Silver, palladium and platinum all declined. — Bloomberg
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