Gold surpasses $4.300 and is on track for its biggest weekly gain since 2008.
Geopolitical and economic uncertainty, along with bets on US interest rate cuts, led investors to the safety of the metal.
Reuters - Gold surpassed $4.300 an ounce on Friday, heading for its biggest weekly gain since December 2008, as geopolitical and economic uncertainty, along with growing bets on US interest rate cuts, drove investors to the safety of the metal.
Spot gold rose 0,2% to $4.335,87 an ounce, after hitting another record high of $4.378,69 earlier. U.S. gold futures for December delivery jumped 1% to $4.348,90.
Gold is expected to post a gain of around 8,1% this week. Earlier in the session, gold was on track for its biggest gain since September 2008, when the collapse of Lehman Brothers fueled the global financial crisis.
"With expectations of interest rate cuts, geopolitical risks and persistent banking concerns at play, the environment remains highly favorable for gold," said Alexander Zumpfe, precious metals trader at Heraeus Metals Germany.
"Short-term consolidation is possible, given the overbought conditions."
Spot silver fell 0,5% to $53,96 an ounce, after hitting a record high of $54,47, tracking the gold rally and on track for a weekly gain of 7,3%.
The fall in bank stocks caused global equities to decline on Friday, as signs of credit stress from regional US lenders led investors to seek safe-haven assets.
