Spot gold jumped 1.7% to $3 227.39 an ounce, as of 12h20 CAT, after hitting a record high of $3 237.56 earlier in the session. Bullion is up over 6% so far this week.

US gold futures climbed over 2% to $3 246.30.

"Recession risks are mounting, bond yields are soaring, and the US Dollar continues to weaken, all factors reinforcing gold's role as a crisis hedge and inflation shield," said Alexander Zumpfe, a Precious Metals Trader at Heraeus Metals Germany.

Beijing increased its tariffs on US imports to 125% on Friday, hitting back against US President Donald Trump's decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to upend global supply chains.

--Reuters--