Gold prices hit record highs on safe-haven demand: 10 things to know

Gold prices scaled to a record high on Friday as geopolitical tensions continued to boost demand for the safe-haven metal, while strong economic data failed to dampen bullion's allure. Here are key things to know about gold prices today:

Gold rose to a fresh all-time peak after a mild reading for producer price inflation kept alive hopes for Fed easing this year, though US Treasury yields stuck close to five-month highs in the wake of hotter-than-expected consumer price data mid-week that forced a paring back of rate cut bets.

Spot gold was up 0.9 per cent at $2,394.87 per ounce as of 0934 GMT after hitting a record high of $2,400.35 earlier in the session. Prices were up nearly 3 per cent for the week.

US gold futures gained 1.6 per cent to $2,411.70.

In the UAE, the price of 24-karat gold stood at Dh290 per gram, while 22K and 18K retailed at Dh268.50 and Dh222.75 per gram, respectively.

Spot gold was 1% higher at $2,396.11 an ounce at 9:43 a.m. in London, with the metal on pace for a fourth weekly advance, the best run since early 2023. Silver rallied to as high as $29.2295 an ounce. Still, both metals' 14-day relative-strength indexes are well above 70, beyond the level that some investors see as overbought, potentially heralding a pause.

The ranks of Federal Reserve officials saying there is no rush to cut interest rates continue to grow, with still-too-hot-for-comfort US inflation a rising concern.

Expectations for how much policy easing the Federal Reserve can deliver are falling rapidly as one strong economic report after another suggests inflation could come creeping back if the US central bank lowers borrowing costs prematurely. Higher interest rates reduce the appeal of holding non-yielding gold.

The European Central Bank held interest rates at a record high, but signalled it could start cutting as soon as June.

Diversified miner Sibanye Stillwater's planned restructuring of its South African gold operations could cut 4,022 jobs, the South African company said, with unions vowing to fight the layoffs.

Spot silver rose 2.3 per cent to $29.13 per ounce, hitting its highest levels since early 2021. Platinum rose 1.8 per cent to $997.51 and palladium edged 1.1 per cent higher to $1,058.00. All three were on track for a weekly gain.