Gold notched a new high above $4,300 an ounce on Friday and was poised for its best week in five years, as signs of weakness in US regional banks, global trade frictions, and expectations of more rate cuts sent investors flocking to the safe-haven metal.

Spot gold was up 0.3% at $4,336.18 per ounce, after reaching a fresh high of $4,378.69 earlier in the session. US gold futures for December delivery jumped 1% to $4,348.70.

Bullion has risen about 8% so far this week in what would be its best week since March 2020, notching a record high in each session.

Spot silver fell 0.7% to $53.86 per ounce, but stayed on track for a weekly gain. Earlier in the session, prices reached a record high of $54.35, tracking the rally in gold and a short squeeze in the spot market.