Gold Prices Climb for the 8th Consecutive Week: Bullish Trend Continues

Gold prices climbed Friday and are heading toward their eighth straight weekly gain, driven by safe-haven demand and expectations that the Federal Reserve will cut interest rates. This extended rally puts the precious metal on track for one of its longest winning streaks in recent memory.

Spot gold rose 0.1% to $3,977.87 per ounce by 0120 GMT. The metal has gained 2.3% since the start of this week alone. December gold futures jumped 0.5% to $3,992.40.

The current surge reflects two key factors working in gold's favor. Investors are piling into the metal as a hedge against uncertainty, while Fed rate cut expectations make non-yielding assets like gold more attractive compared to interest-bearing investments.

Other precious metals are also catching fire. Silver surged 1.2% to $49.70 per ounce after hitting an all-time high of $51.22 on Thursday. That record break shows the broader appetite for precious metals right now. Platinum gained 0.4% to $1,625.30, while palladium added 1% to $1,426.

For traders and investors, this streak matters because it signals sustained institutional and retail demand. Eight consecutive weekly gains is rare for gold and typically indicates strong underlying fundamentals rather than just short-term speculation. The metal's performance above key psychological levels suggests momentum could continue, especially if Fed policy shifts materialize as expected.

The precious metals rally also reflects broader economic concerns. When investors seek safe havens for this long, it usually points to persistent worries about inflation, currency stability, or geopolitical tensions that aren't going away quickly.