Source: Sharecast
Spot gold reached a record high of $3,086.21 earlier in the session, before retreating slightly. However, it remained 0.9% higher at $3,083.33 per ounce.
It is now the fourth consecutive weekly gain, after the precious metal hit $3,000 for the first time ever earlier in March.
Comex Gold futures were up 0.62% at $3,080.
Investors have flocked to the safe-haven asset this year. As well as concerns about the US president’s at-times seemingly chaotic imposition of tariffs, investors are also worried about inflation, interest rates and mounting geopolitical conflict.
Earlier on Friday, UK retail sales showed an unexpected 1% uplift in February, well ahead of forecasts for a 0.3% fall, in part driven by strong demand for gold jewellery.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "The price of gold has also been helped by buying from central banks, particularly by China. Part of the appeal of gold is as a hedge against inflation, which is staying stubborn in some economies amid concerns US trade policy could push up consumer prices further.
"There are also ongoing concerns that governments around the world have piled up high levels of debt, which is associated with a rise in long-term inflationary expectations.
"While further steps towards a ceasefire in Ukraine could see prices ease off, violence continues in the Middle East. There is also a risk that geopolitical tensions escalate as opportunities in the Artic are eyed by the US and Russia."