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Investing.com-- Gold prices climbed to fresh record highs Friday, on renewed concerns about a global trade war after President Trump touted fresh tariffs on many countries next week.

Spot gold rose 0.2% to $2,860.89 an ounce, but had earlier hit a fresh record $2,886.81 while gold futures rose 0.4% to $2,886.91 an ounce.

Citi and UBS analysts hiked their gold price forecasts for 2025, stating that the yellow metal was likely to extend its bull market through the rest of the year. Citi sees gold hitting $3,000 an ounce in the short-term, while UBS expects $3,000 an ounce by end-2025.

Trump warns of reciprocal tariffs on many countries next week

President Donald Trump detailed plans on Friday to impose tariffs next week on U.S. imported goods equal to the rates that trading partners impose on American exports, Reuters reported Friday, citing sources.

While it wasn't clear which countries would be targeted, the news stoked fresh fears about a brewing global trade war, further curbing risk sentiment and boosted demand for safe-haven gold.

Ahead of the tariffs, the EU has already attempted to offer concessions that could lead to deal. Bernd Lange, the head of the trade committee in the European parliament, told the Financial Times on Friday that he bloc was prepared to cut its 10% import tax on cars in the EU to get closer to the 2.5% levy charged by the U.S..

Gold upbeat ahead of nonfarm payrolls data

Spot prices remained close to a record high of $2,882.35 an ounce, as weakness in the dollar underpinned the yellow metal.

But the dollar steadied on Friday, with focus turning to key nonfarm payrolls data due later in the day.

Traders were bracing for a strong payrolls reading, especially amid signs of continued resilience in the labor market. A strong labor market gives the Federal Reserve less impetus to cut interest rates.

The central bank recently signaled that it had no plans to cut interest rates quickly, amid uncertainty over sticky inflation and Trump’s policies.

But higher for longer rates could dull gold’s long-term outlook, especially if the U.S. labor market remains strong and inflation sticky.

Other precious metals were lower on Friday, but were also sitting on some gains this week. Platinum futures fell 1.2% at $1,010.15 an ounce, while silver futures slipped 1.3% to $32.208 an ounce.

Copper prices rise amid China stimulus bets

Among industrial metals, copper prices rose on Friday, extending this week’s gains as markets bet that top importer China will dole out more stimulus measures to offset the impact of a trade war with the U.S.

Benchmark copper futures on the London Metal Exchange rose 1.9% to $9,465.00 a ton, while March copper futures rose 3% to $4.5953 a pound.

Trump imposed a 10% duty on all Chinese imports this week, drawing retaliatory measures from Beijing. JPMorgan analysts said that they expect Trump to eventually follow through with his 60% tariffs against China.

But Beijing is expected to ramp up its stimulus measures to help offset the economic impact of a trade war.

Recent economic readings also showed slowing growth in the country, underscoring the need for more stimulus.

(Ambar Warrick contributed to this story)