Gold prices surged to an all-time high on Friday, fueled by mounting fears of an economic recession and escalating tensions over tariffs between the United States and China.
As of 00:39 GMT, spot gold rose 1% to $3,205.53 per ounce. Earlier in the session, the precious metal hit a historic peak of $3,217.43, recording weekly gains of over 5%.
Meanwhile, U.S. gold futures climbed 1.5% to $3,226.50 per ounce.
On Wednesday, U.S. President Donald Trump announced the suspension of major tariffs previously imposed on dozens of countries, while simultaneously raising tariffs on Chinese imports from 104% to 125%.
Data released on Thursday showed an unexpected decline in the U.S. Consumer Price Index (CPI) for March, although inflation risks remain tilted to the upside following Trump's decision to increase tariffs on China.
Following the economic data, traders bet that the Federal Reserve may resume interest rate cuts as early as June, with markets pricing in the possibility of a full percentage point reduction by the end of the year.
Gold, traditionally seen as a safe-haven asset during times of political and economic uncertainty and rising inflation, has gained more than 21% so far this year.
Among other precious metals, spot silver rose 0.3% to $31.28 per ounce, platinum edged up 0.1% to $938.35, and palladium increased 0.8% to $915.75.
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