(Bloomberg) — Gold headed for an eighth consecutive weekly advance on robust haven demand fueled by geopolitical and trade tensions.
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Bullion eased to about $2,927 an ounce on Friday but remains more than 1% higher this week, with trading marked by fast-rising holdings in bullion-backed exchange-traded funds. An eighth weekly increase would be the longest winning run since 2020.
A Bloomberg tally of worldwide ETF holdings swelled to the highest since January 2024, with more than 16 tons added so far this week. That puts them on course for the biggest weekly influx since 2023, in tonnage terms.
The precious metal hit a fresh peak on Thursday amid fears that President Donald Trump could unwind American support for Ukraine. The US leader is preparing to meet with Russia’s Vladimir Putin to negotiate a deal to end the war — a move that threatens to cut out Kyiv and its European allies.
Gold has hit successive records this year, after climbing 27% in 2024, amid mounting concerns over Trump’s disruptive trade and geopolitical agendas. Goldman Sachs Group Inc. this week raised its year-end target for the metal to $3,100 an ounce, saying central-bank buying would be a key driver.
An additional lift for bullion has come from the US dollar. A gauge of the currency is set for a third straight weekly loss, boosting the metal’s appeal for many buyers.
Elsewhere, investors assessed comments from US Treasury Secretary Scott Bessent, who dismissed speculation that the government might revalue its bullion holdings. Bloomberg last week reported that the idea was not under serious consideration among Trump’s top economic advisers.
Spot gold traded down 0.4% at $2,926.92 an ounce as of 9:47 a.m. in London. Silver, palladium and platinum all declined.
–With assistance from Preeti Soni and Jack Ryan.
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