Gold prices jumped on Friday to an all-time high, supported by central bank purchases amid geopolitical tensions, while strong US economic data failed to dampen demand.
Update prices
Spot gold was up 0.5 percent at $2,384.34 an ounce by 0345 GMT. The metal hit a record high of $2,395.29 earlier in the session.
U.S. gold futures rose 1.2 percent to $2,401.80.
The only thing that definitely drives central banks to buy gold is wars that happen globally, said Luca Santos, an analyst at ACY Securities. If you look at history, this always happens because gold is a safe haven.
Despite recent inflation data and a strong US jobs report last week that raised further questions about the feasibility of interest rate cuts this year, gold is on track for a fourth straight weekly rise and up more than 15 percent year-to-date.
Rising interest rates make it less attractive to hold non-yielding gold.
As for other precious metals, silver rose in spot transactions by 1% to $28.75 per ounce, recording its highest levels since February 2021.
Platinum rose 0.7 percent to $986.65, and palladium rose 0.1 percent to $1,049.83.
All three metals are on track for weekly gains.
