Gold prices struck record highs as skittish investors rushed for the safety of the bullion amid fears of a worsening US economy and lingering euro zone debt crisis.
Spot gold struck a record of $US1836.46 an ounce, and was recently trading up 0.7 per cent at $US1836.20.
It was headed for a 5-per cent weekly rise.
US gold also climbed to an all-time high at $US1839.8, before trading up about a per cent at $US1839.5.
"It's not surprising in view of more concerns about Europe and terrible data out of the US," said Darren Heathcote, head of trading at Investec Australia.
"It looks unlikely that gold would fall particularly at the present time given there's so much uncertainty and nervousness in the markets. Markets will remain skittish and gold supported."
Latest data showed a sharp drop in the factory activity in the US Mid-Atlantic region and unexpected slump in home resales, fuelling worries that the growth in the world's largest economy has stalled.
Worries about the health of European banks added to the nervousness in the financial markets, which has driven investors to safe-haven assets such as gold and the US dollar.
Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose by more than 1 per cent on the day to a one-week high of 1286.825 tonnes by Aug. 18.
The most-active gold futures contract on Tokyo Commodity Exchange for June 2012 delivery also rose to an all-time high, at 4541 yen per gram.
Reuters