Gold extended its rally this week, moving toward a sixth straight weekly gain as renewed trade tensions drove investors toward safe-haven assets.
The metal touched an intraday record of $2,882.16 on Wednesday, with spot gold quoted around $2,865.36.
Heightened uncertainty from the new administration’s tariff stance has deepened concerns about global growth and bolstered demand for gold as a protection against market volatility. Physical buying in traditional centers such as India and China has been subdued at these record price levels, but financial investors are increasingly focused on macroeconomic data that could influence prices.
Market attention is on the upcoming U.S. non-farm payrolls release, where analysts expect hiring to slow to about 170,000 in January, down from December’s 256,000. A softer jobs report could reinforce expectations of a more cautious Federal Reserve, which in turn would tend to support higher gold prices.
Overall, the mix of trade-related risk, subdued physical demand in some regions, and a potentially more dovish Fed outlook continues to underpin gold’s recent strength.