Gold climbed to around $4,360 per ounce on Friday, climbing back toward the fresh record it set earlier and on track for a sharp weekly advance, the strongest since March 2020, as investors sought safety amid heightened economic uncertainties. The bullion repeatedly hit new highs this week, driven by renewed US–China trade tensions and concerns over the ongoing US government shutdown. The latest trade developments saw China accuse the US of stirring “panic” over its rare earth mineral controls, while US officials warned that such measures threaten global supply chains. The non-yielding metal was further supported by expectations of US rate cuts, after Fed Chair Powell’s recent remarks pointed to signs of a weakening labor market, leading investors to nearly fully price in a 25 bps cut this month, with another likely in December. Gold has now surged more than 60% so far this year, bolstered by central bank purchases, ETF inflows, and strong demand for safe assets.
