Doha: Gold prices rose in Asian trading on Friday, heading for their eighth consecutive weekly gain, supported by strong safe-haven demand amid ongoing geopolitical and economic uncertainty and growing expectations of a US Federal Reserve interest rate cut. Gold surpassed the $4,000 per ounce mark for the first time on Wednesday, hitting a record high of $4,059.05. The non-yielding metal, often sought as a hedge in times of geopolitical or economic uncertainty, has surged around 52% since the beginning of the year.

According to Qatar News Agency, spot gold edged up 0.1% to $3,977.87 per ounce, bringing its weekly gain to about 2.3%. US gold futures for December delivery climbed 0.5% to $3,992.40. Investor sentiment this week was weighed down by political unrest in Japan and France, as well as the continuing US government shutdown, prompting a shift toward gold as a traditional safe-haven asset.

Among other precious metals, spot silver rose 1.2% to $49.70 an ounce after hitting an all-time high of $51.22 on Thursday. Platinum gained 0.45 to $1,625.30, while palladium advanced 1% to $1,426.00.