Gold prices inched higher on Friday and remained on track to end higher for the fourth straight week, the longest string of weekly gains since January, as global equities plunge amid concerns over earnings growth, trade tensions and political uncertainty in Europe.
Spot gold rose 0.60 percent to $1,236.52 an ounce while U.S. gold futures were up 0.80 percent $1,238.80 an ounce.
Major indexes in Europe are currently down about 2 percent, tracking a plunge in U.S. stock futures as Amazon and Alphabet both disappointed with their third-quarter earnings after the U.S. closing bell.
Investors remain concerned that U.S. earnings growth may be peaking amid rising costs due to U.S. import tariffs.
As trade tensions simmer, many analysts and brokerages have downgraded their global growth forecast for both 2019 and 2020.
A Federal Reserve report released earlier this week showed that businesses remain optimistic about the economy's growth trajectory, but they are struggling to bear rising material costs.
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