Gold up nearly 2% for the week, hit record high on Thursday
Silver, palladium set for weekly gains, platinum eyes fall
Updates for market close
By Anmol Choubey
Feb 21 (Reuters) - Gold prices eased on Friday as investors booked profits from the previous session's record high, but were set for an eighth straight weekly gain, driven by strong safe-haven demand amid concerns over U.S. President Donald Trump's tariff plans.
Spot gold shed 0.1% to $2,939.63 an ounce as of 02:24 a.m. ET (1924 GMT). Bullion has gained around 1.9% this week after rising to a record $2,954.69 on Thursday.
U.S. gold futures settled 0.1% lower at $2,953.20.
"It's just a classical movement of new all-time highs and profit-taking... (but) the fundamentals for gold remain solid," said Alex Ebkarian, chief operating officer at Allegiance Gold.
Prices have shattered two record highs this week to trade above $2,950 an oz, as uncertainties surrounding global economic growth and political instability have underscored investor appetite for bullion, which has risen 11.5% so far in 2025.
"Demand for gold is currently being driven primarily by western investors and central banks. ETF investors appear to be jumping on the bandwagon," Commerzbank analysts said in a note.
Trump's of tariff plans announced earlier this week includes duties on lumber and forest products, on top of previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
This comes after the imposition of an additional 10% tariff on and a 25% tariff on .
Gold's safe-haven role is not fully realized yet as the shift from riskier assets to safer ones is not significant, with money still on the sidelines, Ebkarian said.
Investors are also monitoring the U.S. Federal Reserve's interest rate trajectory for clues, given that Trump's policies are viewed as inflationary. Higher inflation could compel the Fed to maintain high interest rates, thus reducing the allure of non-yielding gold.
Spot silver was down 0.9% at $32.64 an ounce and palladium dipped 0.7% to $970.45. Both metals were headed for weekly gains.
Platinum shed 1.1% to $967.40 and eyed a weekly decline.
(Reporting by Anmol Choubey in Bengaluru; Editing by Maju Samuel, Marguerita Choy and Mohammed Safi Shamsi)
((anmol.choubey@thomsonreuters.com [anmol.choubey@thomsonreuters.com];))
