Spot gold climbed 1% since the start of the week, closing at $3,397.85 per ounce. US gold futures for December delivery soared to $3,490.70 after touching a historic intraday peak of $3,534.10 the highest price ever recorded.

The rally was driven by a combination of fresh US tariffs on imported gold bullion and speculation that the Federal Reserve could ease monetary policy, making non-yielding assets like gold more attractive to investors.

While gold stole the spotlight, other precious metals showed mixed performance. Spot silver slipped 0.3% to $38.20 per ounce, platinum rose 0.7% to $1,343.64, and palladium remained steady at $1,150.94.