Rising for the sixth straight week, global gold prices jumped over 2 percent last week as escalating trade tensions between the US and China prompted investors to seek refuge in the safe-haven asset. Spot gold in international markets gained 2 percent to end the week at 2,873.63 dollars per ounce.

Earlier last week, US President Donald Trump kick-started a trade war as he followed through on his threat to impose duties on China. Meanwhile, Trump granted Mexico and Canada a one-month reprieve. Gold, used as a safe investment during times of political and financial uncertainty, rose to an all-time high of 2,882.16 dollars on Wednesday amid trade war concerns.

Leading global bank, Citibank, anticipates that the gold prices will remain elevated throughout 2025, potentially reaching the 3,000 dollar mark. Elsewhere, China will allow some of its insurance funds to buy gold for medium- and long-term asset allocations as part of a pilot project.

Silver prices jumped nearly 4 percent to 32.41 dollars per ounce.