Gold Heads for Sixth Weekly Gain on Risk-Off Tone and ETF Flows

Gold traded just below a record — on track for a sixth weekly gain — supported by elevated geopolitical tensions, inflows into bullion-backed exchange-traded funds, and a risk-off tone in broader markets.

Bullion for immediate delivery held near $3,744 an ounce, up by more than 1% this week after peaking on Tuesday above $3,791. European diplomats this week that NATO is ready to respond to further violations of its airspace with full force, including by shooting down Russian planes.

In wider markets, Asian stocks retreated after President Donald Trump amped up his trade war, saying the US would impose a 100% tariff on branded or patented pharmaceuticals, as well as announcing moves against a range of other goods including heavy trucks, kitchen cabinets and bathroom vanities.

Gold has roared higher this year, setting successive peaks on sustained central-bank demand and a resumption of interest-rate cuts by the Federal Reserve . Prices are on track to close out a third consecutive quarterly gain next week, with holdings in bullion-backed ETFs at the highest since 2022. Leading banks including Goldman Sachs Group Inc. have said they expect the rally to extend.

After Fed policymakers opted to cut borrowing costs earlier this month, there have been mixed signals about the next move. Among comments on Thursday, , the Fed’s top bank cop, said inflation was close enough to target to justify more rate reductions because the job market was weakening.

Gold was little changed at $3,749.04 an ounce at 9:03 a.m. in Singapore, up by 43% this year. Silver has also performed strongly, topping $45 an ounce this week for the first time since 2011. It was last at $44.9675, down 0.5% for the day.

In other precious metals, platinum rose above $1,545 an ounce to the highest since 2013, and palladium was on course for a weekly rise of 10%.