Gold on Track for Best Week Since 2020 After Safe Haven Surge

Gold headed for its best week in six years, with the rally driven by geopolitical risks and renewed threats to the Federal Reserve’s independence.

Bullion steadied after surging to a record above $4,967 an ounce on Friday and was on track for a weekly gain of more than 7%, its strongest performance since March 2020. Silver climbed to an all-time high just below $100 an ounce, while platinum also hit a record. A key gauge of the US currency is also on track for its poorest week in seven months – making precious metals cheaper for most buyers.