Gold on pace to log 8th weekly advance as ETFs lure inflows
Bullion edged lower to about $2,926 an ounce on Friday but remains more than 1% higher this week, with trading marked by fast-rising holdings in bullion-backed exchange-traded funds. An eighth weekly increase would be the longest winning run since 2020.
A Bloomberg tally of worldwide ETF holdings swelled to the highest since January 2024, with more than 16 tons added so far this week. That puts them on course for the biggest weekly influx since 2023, in tonnage terms.
The precious metal hit a fresh peak on Thursday partly on fears that President Donald Trump could unwind American support for Ukraine. The US leader is preparing to meet with Russia's Vladimir Putin to negotiate a deal to end the war — a move that threatens to cut out Kyiv and its European allies.
Gold has hit successive records this year, after climbing 27% in 2024, amid mounting concerns over Trump's disruptive trade and geopolitical agendas. Goldman Sachs Group Inc. this week raised its year-end target for the metal to $3,100 an ounce, saying central-bank buying would be a key driver.
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