Spot Gold scaled a fresh all-time high of $2,993.80 per troy ounce on Friday amid tariff uncertainty, rising trade tensions and the prospect of interest rate cuts by the Federal Reserve.
The yellow metal also looked set for a second straight weekly advance.
In the wake of US tariffs on steel and aluminum, the European Union imposed a 50% tax on American whiskey exports. In response, US President Trump pledged on Truth Social a 200% tariff on wine and spirit imports from Europe.
The Trump administration’s tariff policies are expected to stoke inflation, pushing Gold up to a series of fresh highs so far this year.
“The psychological $3,000 level is now coming into view for gold prices, and as we approach the second quarter, where reciprocal tariffs could trigger another wave of market turbulence, gold remains a compelling safe-haven asset in an environment where alternatives are scarce,” IG market strategist Yeap Jun Rong was quoted as saying by Reuters.
The latest US inflation data will probably give the Federal Reserve some room to leave interest rates on hold next week and to monitor the impact of the Trump administration’s trade policy on economy.
Further evidence of easing price pressures would add to the case for rate cuts later in 2025.
Spot Gold was last down 0.14% on the day to trade at $2,984.53 per troy ounce.
The yellow metal has gained 2.57% so far this week.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
