Gold surged above $4,300 an ounce on Friday, set for its strongest week since 2020, as worries over U.S. regional banks, global trade tensions, and expected Fed rate cuts spurred safe-haven demand.

Spot gold rose 0.3% to $4,336.18, after hitting a record $4,378.69, while U.S. futures gained 1% to $4,348.70. The metal is up 8% this week and over 65% year-to-date, boosted by geopolitical risks, rate-cut bets, and central bank buying.

Analyst Tim Waterer said $4,500 could be reached “sooner than expected” if U.S.-China trade tensions and shutdown fears persist.

Silver slipped 0.7% to $53.86 after touching a record $54.35, while platinum and palladium edged lower but remained on track for weekly gains