- Gold prices surged to a record high in Asian trading on Friday, continuing their recent rally as strong demand for safe-haven assets persisted amid rising fears of a fierce trade war between the United States and China.

- The yellow metal posted impressive gains this week, outperforming all other metals, as investors flocked to gold and the Japanese yen as safe havens. A drop in U.S. Treasury prices also contributed to this trend, despite the sharp rise in yields.

- Spot gold jumped by more than 1% to a record high of $3,220.20 per ounce, while gold futures expiring in June rose by 1.7% to $3,231.69 per ounce.

- Demand for gold was strongly supported by increasing volatility in risk-related assets after the U.S. and China imposed steep tariffs on each other this week.

- U.S. President Donald Trump stated that tariffs on Chinese imports would reach 145%, while China responded with retaliatory measures of 84%.

- Trump also indicated he was waiting for China to initiate trade talks, although Beijing has shown no signs of backing down.

- Although Trump had postponed plans earlier this week to impose broad “reciprocal” tariffs on other countries, the ongoing trade dispute with China continues to inject uncertainty into the U.S. and global economies.

- This climate has led investors to gradually move away from dollar-linked assets such as the U.S. dollar and Treasury bonds, turning instead to gold. Weaker-than-expected inflation data in the U.S. also weighed on the dollar, boosting expectations for an early interest rate cut by the Federal Reserve.

- Gold had briefly lost ground after Trump’s reversal on reciprocal tariffs but rebounded to fresh highs by Thursday night.

- The dollar's weakness helped push up prices of some other metals on Friday, although most still lagged behind gold’s recent performance.

- Platinum futures rose 0.5% to $935.75 per ounce, while silver futures gained 1.6% to $31.245 per ounce.
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