Gold Price News: Gold Hits All-Time High as Dollar Weakens

Gold prices powered up to another all-time high on Friday, as the markets continued to favour safe-haven assets amid an ongoing US-China tariff war, while the US dollar fell further.

Prices rose as high as $3,246 an ounce on Friday – a new all-time high – and adding a third straight day of gains, compared with around $3,176 an ounce in late trades on Thursday.

Gold continues to see interest as a safe harbour asset amid worries over economic growth in a major face-off between the US and China over tariffs.

US dollar sinks further

The US dollar weakened against other major currencies on Friday, falling to a three-year low against the Euro. A softer dollar is bullish for dollar-denominated gold prices as it makes the precious metal cheaper for buyers in other currencies.

Equity markets were looking more upbeat through last week after a global slump in the first few days of April in the wake of sweeping US tariffs on imports from most countries. The recovery in stocks came as US President Donald Trump announced a 90-day halt on the tariffs announced just days before.

Nevertheless, the markets were still worried over the implications of the US and China going head-to-head on tariffs, as well as the potential for US tariffs to revert back after 90 days or for trade policy to change in other ways that the markets can’t easily predict.

Upcoming data

Looking ahead, Tuesday will bring Canadian inflation data, followed by UK inflation figures on Wednesday as well as US retail sales figures. Eyes will also be on the Bank of Canada’s interest rate decision on Wednesday, with the markets expecting no change at 2.75%.