Gold Prices Surge to Weekly High Amid Escalating Trade Tensions

Gold prices, represented as XAU/USD, draw fresh interest from buyers following a lackluster close the previous day. During the Asian trading session on Thursday, the prices soared, reaching a fresh weekly peak around the $3,038 to $3,039 mark. This surge comes in the wake of escalating trade tensions, notably with US President Donald Trump announcing a significant 25% tariff on imported cars and light trucks, set to take effect next week. As such, investors are turning to gold as a safe haven asset amidst these mounting economic concerns.