Gold prices eased on Friday as investors booked profits from the previous session’s record high, but were set for an eighth straight weekly gain, driven by strong safe-haven demand amid concerns over US President Donald Trump’s tariff plans.

Spot gold shed 0.1 percent to $2,939.63 an ounce as of 02:24 a.m. ET (1924 GMT). Bullion has gained around 1.9 percent this week after rising to a record $2,954.69 on Thursday.

US gold futures settled 0.1 percent lower at $2,953.20.

“It’s just a classical movement of new all-time highs and profit-taking… (but) the fundamentals for gold remain solid,” said Alex Ebkarian, chief operating officer at Allegiance Gold.

Prices have shattered two record highs this week to trade above $2,950 an oz, as uncertainties surrounding global economic growth and political instability have underscored investor appetite for bullion, which has risen 11.5 percent so far in 2025.

“Demand for gold is currently being driven primarily by western investors and central banks. ETF investors appear to be jumping on the bandwagon,” Commerzbank analysts said in a note.

Trump’s fresh bout of tariff plans announced earlier this week includes duties on lumber and forest products, on top of previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.

This comes after the imposition of an additional 10 percent tariff on Chinese imports and a 25 percent tariff on steel and aluminium.

Gold’s safe-haven role is not fully realized yet as the shift from riskier assets to safer ones is not significant, with money still on the sidelines, Ebkarian said.

Investors are also monitoring the US Federal Reserve’s interest rate trajectory for clues, given that Trump’s policies are viewed as inflationary. Higher inflation could compel the Fed to maintain high interest rates, thus reducing the allure of non-yielding gold.