It comes after the head of US central bank said Trump's tariff policies are likely to mean slower growth and higher prices.

Goldman Sachs thinks gold could reach $3,700 an ounce by the end of 2025 because the metal was "uniquely positioned to hedge recession risk."

The price of gold hit an all-time high Thursday, with shares of Newmont and other miners surging along with it as investors sought safe haven assets amid tariff-fueled volatility.