By: Creamer media

Bullion gained as much as 0.2% on Friday to an all-time high of more than $3 061 an ounce, beating the previous record set Thursday. It was on track for a fourth weekly gain, with prices supported by growing haven demand.

Trump on Thursday signed a proclamation to implement a 25% tariff on auto imports and pledged harsher punishment on the EU and Canada if they join forces “to do economic harm” against the US. Markets are also bracing for a fresh wave of trade levies on April 2 as the White House prepares to implement so-called reciprocal tariffs. The exact scope of the plans isn’t yet clear.

Mounting fears about the potential impacts of an escalating trade war overshadowed data showing the US economy expanded at a quicker pace in the fourth quarter than previously estimated. A measure of inflation was revised lower.

Gold is up about 16% this year in a run that’s seen it clinch at least 15 record-highs. The rally has been fueled by central-bank buying and investor demand for haven assets amid rising geopolitical and macro uncertainties. Those drivers have helped support prices even as swaps traders have pared bets on Federal Reserve easing this year to two quarter-point rate cuts. Lower rates tend to benefit non-yielding bullion.

Several major banks have raised their price targets for the precious metal, with Goldman Sachs Group this week ramping up its forecast to $3 300 an ounce by year-end. The bank cited higher-than-expected central bank demand and strong inflows into bullion-backed exchange traded funds.

Elsewhere, silver was close to its highest since 2012. Like gold, the white precious metal has benefited from rising haven demand, though its market has been especially tight as fears over potential tariffs have drawn vast quantities out of London into US vaults. Elevated lease rates in London could drive spot prices higher, Standard Chartered analyst Suki Cooper said in a note this week.

Spot gold eased slightly after hitting the record, and was trading little changed at $3 058.80 an ounce as of 8:17 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver, platinum and palladium were flat.