Gold prices continued their ascent on Friday and were on track to post solid gains for February, supported by heightened geopolitical tensions and ongoing economic uncertainty that boosted demand for safe-haven assets.

Uncertainty surrounding U.S. trade policy, coupled with worries about slowing growth in the world’s largest economies, continued to drive investors toward safer investments, allowing bullion to recover most of its losses from late January.

As of 5:20 GMT, spot gold climbed 0.18 percent to $5,186.58 per ounce, while U.S. gold futures for April delivery increased 0.18 percent to $5,203.70 per ounce.

In the UAE, gold rates marked a notable increase, with 24-carat gold rising AED2.25 to AED624.5 and 22-carat gold gaining AED2 to AED578.25. Additionally, 21-carat gold rose AED2 to AED554.5 and 18-carat gold edged up AED1.75 to AED475.25.

Meanwhile, 14-carat gold rose AED1.25 to AED370.75.

Gold climbs over 6 percent in February

Gold prices were on track for a seventh consecutive month of advances, climbing over 6 percent in February as uncertainty surrounding U.S. tariffs and escalating tensions between the United States and Iran strengthened its appeal as a safe-haven asset.

Source: Economymiddleeast