Gold's 7-Week Winning Streak Amid Trade War Fears!

Gold traded slightly higher on Friday, ending the seventh straight week of gains on defensive demand, Reuters reports .

Interest in buying the safe-haven metal continues amid Trump's plans to impose retaliatory tariffs on trading partners that impose duties on U.S. imports, fueling fears of a global trade war.

Spot gold was trading at $2,931 an ounce as of 09:14 Moscow time. The precious metal hit a record high of $2,943 on Tuesday. Futures rose 0.5% to $2,959.

Trump on Thursday ordered his economic team to develop plans to impose retaliatory tariffs on every country that has imposed duties on U.S. imports, with the target list including China, Japan, South Korea and the European Union.

The main catalyst for gold this week was Trump's announcement of retaliatory tariffs, which is raising fears of a trade war and could impact the global economy, said Ajay Kedia, director of Mumbai-based Kedia Commodities.

The market is slightly overbought, which could lead to some technical profit-taking as it approaches the $3,000 level, Kedia noted.

Meanwhile, data released Thursday showed that the U.S. producer price index (PPI) rose strongly in January. A day earlier, a separate report showed that consumer prices rose at the fastest pace in nearly a year and a half.

The PPI data provided further evidence that inflation is accelerating again and reinforced views that the Fed will not cut interest rates until the second half of the year.

Spot silver rose 0.4% to $32.50 an ounce. Platinum rose 0.3% to $997.65 and palladium rose 0.6% to $999.77. All three metals were on track for weekly gains.
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