Gold Extends Surge To Record Highs, Posts Strong Weekly Gain

(RTTNews) - After moving sharply higher over the past few sessions, the price of gold showed another strong move to the upside during trading on Friday.

Gold for April delivery shot up $67 or 2.1 percent to $3,222.20 an ounce, closing higher for the fourth straight session. The price of gold has more than offset the nosedive seen late last week and into Monday, reaching new record highs.

With the recent surge, the price of gold soared $210.20 or 7.0 percent for the week, marking the biggest one-week percentage gain since March 2020.

The extended spike by gold futures came amid continued weakness in the value of the U.S. dollar, with the U.S. dollar index falling by 0.6 percent to 100.23 after plunging by 2.0 percent on Thursday.

Gold has also recently benefitted from its renewed appeal safe haven amid ongoing trade tensions between the U.S. and China.

China has announced plans to increase tariffs on U.S. imports to 125 percent beginning Saturday, continuing the tit-for-tat exchange on trade seen in recent days

The 125 percent would match the tariff on China goods announced by President Donald Trump earlier this week, although a White House official told CNBC the effective rate is 145 percent when combined with a 20 percent fentanyl-related tariff.

However, White House press secretary Karoline Leavitt has said Trump is "optimistic" about reaching a trade deal with China.

"The president has made it very clear he's open to a deal with China," Leavitt told reporters. "If China continues to retaliate, it's not good for China."