Mar 21, 2025 (Baystreet.ca via COMTEX) --
Gold prices retreated on Friday as the American dollar firmed and investors booked profits after bullion hit three successive all-time peaks this week, buoyed by safe-haven demand amid trade war concerns and hopes of a rate cut by the Federal Reserve later this year.
Spot gold was down 0.4% to $3,033.36 an ounce, while U.S. gold futures eased 0.1% to $3,039.60.
Bullion was on track for a third straight weekly gain, having added 1.6% so far this week. It hit an all-time high of $3,057.21 per ounce on Thursday.
The U.S. Dollar was up 0.2% on Friday making greenback priced bullion more expensive for overseas buyers.
A whirlwind of factors, including geopolitical tensions and economic uncertainty, have propelled gold to 16 record highs, with four above the crucial $3,000 mark.
Gold, traditionally viewed as a safe-haven investment during times of inflation or economic volatility, tends to do well in a low-interest rate environment.
The Fed held its benchmark rate steady as expected on Wednesday. Policymakers see the central bank delivering two quarter-percentage-point cuts by year-end.
Spot silver slid 1.5% to $33.04 an ounce, platinum lost 0.4% to $981.05, and palladium shed 0.4% to $948.43. All three were poised for weekly losses.
COMTEX_463813753/2559/2025-03-21T07:28:00
