Gold prices maintain eighth weekly gain, market value above $20T

Gold bars

Gold prices declined on Friday, but maintained their gain for the eighth straight week, due to increased demand for safe havens on trade risks of US protectionist policies. 

Gold futures for April delivery fell 0.1%, or $2.9, to $2,953.2 per ounce, with a weekly gain of 1.8%. 

This came as the US dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.25% to 106.62 at 10:44 pm Makkah time.

The spot price of gold reached a record high on Thursday, boosting the total market value of gold mined throughout the history to approximately $20.54 trillion.

The yellow metal’s recent gains were driven by hedging against trade uncertainty after US President Donald Trump announced plans to charge 25% tariffs on auto, semiconductor, and pharmaceutical imports.

Investors fear these measures could prompt Federal Reserve policymakers to maintain high borrowing costs for an extended period due to concerns over rising inflation.