(Bloomberg) — Gold held firm following a weekly advance as rising concerns about the global economic outlook buttressed haven demand.

Most Read from Bloomberg

• NJ College to Merge With State School After Financial Stress

• Trump Administration Plans to Eliminate Dozens of Housing Offices

• Where New York City’s Zoning Reform Will Add Housing

• Buffalo’s Billion-Dollar Freeway Fix Is on Ice, But Not Because of Trump

• Inside the ‘Not Architecture’ of High Line Designers Diller Scofidio + Renfro

Spot bullion steadied near $2,912 an ounce, after gaining almost 2% last week. In the US, President Donald Trump said the economy faced “a period of transition” as he pressed on with his focus on tariffs and federal job cuts. In China, data pointed to persistent deflationary pressures.

The precious metal has surged in the opening quarter of 2025, hitting successive records and gaining every week apart from one. The rally has been driven by investor anxiety about the disruption caused by the Trump administration’s trade policies, signs of sustained central-bank buying, and speculation the Federal Reserve may cut interest rates further.

Fed Chair Jerome Powell acknowledged rising economic uncertainties in the US but said officials don’t need to rush to adjust policy, according to remarks on Friday. Lower borrowing costs tend to benefit gold as it doesn’t pay interest.

Bullion-backed exchange-traded funds have been attracting inflows, expanding for the past six weeks to reach the highest level since December 2023, according to an initial Bloomberg tally.

Spot gold was up 0.1% at $2,912.39 an ounce at 11:04 a.m. in Singapore, 11% higher this year. Its latest record was set at just above $2,956 last month. The Bloomberg Dollar Spot Index steadied following its deepest weekly loss since 2022. Silver, platinum and palladium fell.

Most Read from Bloomberg Businessweek

• An All-American Finance Empire Drew Billions—and a Regulator’s Attention

• The Mysterious Billionaire Behind the World’s Most Popular Vapes

• Greenland Voters Weigh Their Election’s Most Important Issue: Trump

• Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost?

• Snack Makers Are Removing Fake Colors From Processed Foods

©2025 Bloomberg L.P.