The gold price rose on Friday. It is nearing record levels and is about to record a sixth consecutive weekly increase

Spot gold was up 0.3% at $2,864.11 per ounce, at 0721 GMT, and gained over 2% this week. The ingot hit an all-time high at $2,882.16 on Wednesday. US gold futures gained 0.4% to $2,887.50. According to Brian Lan, managing director of GoldSilver Central, a Singapore-based broker, “this is still a trending market and we will continue to see gold prices reach new heights because it is now uncharted territory.” Gold is considered a safe investment in times of economic and geopolitical turmoil, but rising interest rates are reducing the appeal of this non-yielding asset

Spot silver rose 0.2% to $32.26 per ounce and platinum remained stable at $985.80, while palladium lost 0.1% to $977.33 per ounce. Silver and platinum rose this week, while palladium headed for a weekly loss