Gold enjoys best week in five years as investors rush to safety

Gold has experienced its best week in five years, surging over 6.5% to a record high of $3,237 per troy ounce as investors sought safe havens amid escalating trade tensions and a weakened US dollar. The panic from President Trump’s tariff policies has led to significant sell-offs in US equities and Treasuries, prompting a shift towards gold, which is also benefiting from strong physical demand and central bank purchases. UBS has raised its gold price forecast to $3,500 per troy ounce over the next year, citing increased demand from various investors.