Gold prices hovered around $4,360 per ounce on Friday, remaining near record levels and on track for a sharp weekly advance, the strongest in the current nine-week rally, as investors sought safety amid heightened economic uncertainties. The bullion repeatedly hit new highs earlier this week, driven by renewed US–China trade tensions and concerns over the ongoing US government shutdown. The latest trade developments saw China accuse the US of stirring “panic” over its rare earth mineral controls, but signaled willingness to hold trade talks. The non-yielding metal’s appeal was further supported by rising expectations of US rate cuts, after Fed Chair Jerome Powell’s recent remarks pointed to signs of a weakening labor market, leading investors to nearly fully price in a 25 bps cut at this month’s meeting, with another likely in December. Gold has now surged more than 60% so far this year, bolstered by central bank purchases, ETF inflows, and strong demand for safe assets.