Gold Prices Soar, Eyeing Best Weekly Gains Since 2008

Gold continued its upward trajectory today, surpassing the $4300 mark, aiming for its best weekly performance in 17 years. The escalating trade tensions between the United States and China have introduced a significant degree of uncertainty in the market. This has bolstered hopes for a possible cut in US interest rates, further enhancing the gains of the precious metal.

By 0040 GMT, spot gold rose 0.9% to $4364.79 per ounce, after hitting a record high of $4378.69. This represents an 8.7% increase for the week so far, marking the best weekly performance since September 2008. US gold futures for December delivery went up by 1.6%, reaching $4373.20.

Meanwhile, silver in spot transactions increased by 0.5% to $53.97 per ounce, after earlier hitting a record level of $54.35, following gold's upward trend and positioning itself for weekly gains. The dollar index fell to its lowest in a week, making dollar-denominated gold cheaper for other currency holders.

In the realm of other precious metals, platinum rose by 0.4% to $1719.55, while palladium increased by 0.6% to $1622.67. Both metals are also on track to achieve weekly gains.