Gold prices remained steady after last week’s gains as growing concerns about the global economy boosted demand for safe-haven assets.
Spot gold held near $2,912 an ounce after rising nearly 2% last week.
In the US, President Donald Trump warned of a “period of transition” while pushing tariffs and federal job cuts.
Meanwhile, Chinese data signaled ongoing deflationary pressures according to Bloomberg.
Gold has surged in early 2025, setting records and rising every week except one.
The rally is fueled by investor concerns over trade disruptions from Trump’s policies, continued central bank buying, and speculation of further Fed rate cuts.
Gold-backed ETFs have seen inflows for six straight weeks, reaching their highest level since December 2023, according to preliminary Bloomberg data.
Spot gold rose 0.1% to $2,912.39 an ounce at 11:04 a.m. in Singapore, up 11% this year. It last peaked above $2,956 in February.
The Bloomberg Dollar Spot Index steadied after its biggest weekly drop since 2022, while silver, platinum, and palladium declined.
