Gold is poised to close the eighth consecutive week with gains due to safe-haven demand. Geopolitical tensions, trade wars, and increased uncertainty are supporting the yellow metal. Gold prices continued to trade just below the peak on the last trading day of the week. After hitting a record $2954 yesterday, an ounce of gold started the new day around $2939. As of 08:15, gold was trading at $2926. At the same time, a gram of gold changed hands at $3427. A quarter of gold was priced at $5620. With gold preparing to secure its eighth straight weekly gain, it has risen by 12% since the beginning of the year. In the local market, the price of a gram of gold has increased by 15% in the last 50 days. NEW TAXES COMING FROM THE US President Donald Trump escalated trade tensions by signaling a 25% tariff on automobiles, drugs, and chips. Trump stated that the automobile tariffs could come into effect by April 2. Additionally, US Treasury Secretary Scott Bessent denied allegations that the government is reassessing its holdings of bullion. While gold exports from Switzerland increased on a yearly basis in January, shipments to the US reached their highest level in 13 years. UKRAINE-RUSSIA WAR TALKS The likelihood raised by the White House during diplomatic talks to lift sanctions against Russia has sparked concern and increased uncertainty in Europe and Kiev. The Trump administration has said it is willing to engage in further talks with Russia to end the war in Ukraine.