After additional indications that U.S. inflation was slowing, gold prices soared for the fourth session in a row on Friday. Moreover, ongoing concerns about a 2023 recession supported demand for the yellow metal as a safe haven.

Spot gold spiked to 0.3% to $2,046.61 per ounce, while gold futures advanced by 0.3% to $2,060.75 per ounce. Both were projected to post gains for a fourth straight day and were on track to post weekly gains of around 2% each.

Over the past month, gold has surged, with safe-haven flows into the yellow metal originally being triggered by worries of a banking turmoil

The demand for the yellow metal as a safe haven was further fueled by numerous predictions of an impending U.S. recession, which would likely result in less hawkish Fed action.

According to Fed Fund futures prices, the Fed will likely raise rates one more time in May before taking a break in June.