Prices for gold hit a record high on Friday, as uncertainty over U.S. tariffs and fears of trade tensions propelled prices, along with increased expectations of monetary policy easing by the Federal Reserve.
Spot gold eased 0.1% to $2,983.78 U,S, an ounce, after hitting a record high of $2,990.09 earlier in the session, within touching distance of the key $3,000 milestone.
Bullion is also poised to log a second straight weekly rise, with a 2.5% gain so far.
U.S. gold futures rose 0.2% to $2,996.70.
The latest in U.S. President Donald Trump’s multi-front trade war, the European Union responded to blanket U.S. tariffs on steel and aluminum by imposing a 50% tax on American whiskey exports, prompting the president to threaten on Truth Social to charge a 200% tariff on imports of European wines and spirits.
Trump’s tariffs are widely expected to stoke inflation and economic uncertainty, and have prompted gold to reach multiple record highs in 2025.
Gold is seen as a hedge against political risks and inflation.
Meanwhile, Russian President Vladimir Putin said on Thursday Russia supported a U.S. proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.
Spot silver eased 0.2% to $33.72 an ounce, platinum firmed 0.1% to $995.30, and palladium gained 0.7% to $964.32.
