Bullion is up 3% and close to an all-time high.
As increasing concerns about the US banking industry prompted wagers that the Fed could have to lower rates earlier than expected, gold registered its greatest weekly rise since mid-March.
The price of gold is up approximately 3% this week and stayed unchanged on Friday. On Thursday, the price of gold reached its annual high and is already approaching the previous record, which was established in 2020.
Recession fears make safe-haven assets more attractive.
Fears of a recession are heightened by a sharp yield curve inversion, which increases demand for safe-haven assets.
After rising 3.4% in the previous sessions, spot gold held steady at $2,049.68 per ounce in early trade in Singapore.
The Bloomberg Spot Dollar Index lost 0.1% this week and is now down 0.5%. While palladium increased in price, silver, and platinum decreased.