Gold remains stable as investors seek safe-haven assets. Uncertainty caused by Donald Trump’s shifting tariff policies continues to support demand for the metal.

Gold prices fluctuated around $2,900 per ounce throughout the week. On Wednesday, the price reached $2,915. Trump initially announced a tariff increase on Canadian steel and aluminum to 50% but later softened his stance.

Weak economic data in the U.S. has heightened fears of stagflation. Investors expect the Federal Reserve to cut interest rates multiple times this year.

Traders are closely watching U.S. inflation data. Higher-than-expected inflation could slow down the rate-cut cycle, negatively impacting gold.

As of 10:04 a.m. in London, gold was trading at $2,915.57 per ounce. The Bloomberg Dollar Spot Index rose by 0.2%. Silver, platinum, and palladium also gained in value.