REUTERS

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety following US President Donald Trump’s tariff threats, which heightened concerns about global economic growth and inflationary pressures.

Spot gold rose 0.3 percent to $2,801.29 per ounce by 01:41 p.m. ET (1841 GMT), after hitting a record peak of $2,817.23 earlier in the session.

US gold futures settled 0.4 percent lower at $2,835, trading a premium to spot gold rates.

“There’s a lot of uncertainty out there right now and also wait-and-see attitude on the geopolitical stage with tariffs,” said Bob Haberkorn, senior market strategist at RJO Futures.

Trump has set a Saturday deadline to slap a 25 percent tariff on imports from Canada and Mexico and said he was still considering new tariffs on Chinese goods.

Bullion, a preferred asset during times of economic and geopolitical turmoil, is on track to record its best monthly performance since March 2024, rising nearly 7 percent so far. The metal surpassed multiple record peaks last year.