Gold Prices Reached New Peak: 4,378.69 Dollars

Gold Prices Continue to Rise

Gold is still being favored as a safe haven due to the weakness seen in U.S. regional banks, global trade tensions, and expectations of interest rate cuts. On Friday, it surpassed $4,300 per ounce, reaching a new peak.

Record Levels and Weekly Performance

Spot gold was trading at $4,336.18, up 0.3% as of 05:33 GMT. Earlier in the session, it reached a new record level of $4,378.69. This week, bullion gold gained 8%, marking its best weekly performance since March 2020.

Different Situation for Silver

Spot silver, on the other hand, fell 0.7% to $53.86 per ounce, but continues to rise on a weekly basis.

Market Expectations and Trade Tensions

KCM Trade Chief Analyst stated that the $4,500 level for gold might become a target sooner than expected, largely depending on concerns about U.S.-China trade and the potential impact of a government shutdown.

Recent Developments

Meanwhile, China accused the U.S. of controls over rare earth elements and rejected calls to lift export restrictions. Additionally, U.S. Federal Reserve Governor Christopher Waller expressed support for another interest rate cut due to concerns about the labor market.