Gold prices recorded a new all-time high in trading on Friday, driven by uncertainty surrounding US tariffs, trade tensions, and growing expectations that the US Federal Reserve may shift towards a more dovish monetary policy.

The price of gold in spot trading remained steady at $2,985.30 per ounce after reaching its highest-ever level of $2,990.09 earlier in the session, approaching the psychologically significant $3,000 mark, according to CNBC.

Gold is on track to secure its second consecutive weekly gain, having risen by 2.5% since the beginning of the week. Additionally, US gold futures rose by 0.2%, reaching $2,998.80 per ounce.