Gold futures are poised for a sixth weekly advance, the best streak in more than three years, on heightened trade uncertainty and concerns about slowing global growth.

China called looming U.S. tariffs a violation of accords reached by Presidents Donald Trump and Xi Jinping, vowing retaliation, while Trump said Thursday that any deal must be “on our terms.” Bond investors are locking horns over whether the inversion of yield curves really means the global economy is headed for recession. The last five times the yield on 10-year Treasuries dropped below those on two-year securities, a contraction followed.

Gold, already trading near a six-year high, is set to extend gains on central-bank purchases and demand for exchange-traded funds backed by the metal, according to Jeffrey Currie, global head of commodities research at Goldman Sachs Group Inc.

U.S. gold futures -0.4% to $1,525.80/oz on Comex at 8:05am in London; +1.1% this week, longest winning run since July 2016. Spot gold -0.5% to $1,515.41/oz; +1.3% this week. Prices touched $1,535.11 on Tuesday, the highest since April 2013.

Source : Bloomberg