Gold prices resumed their upward move on Friday after a pullback in the previous session, set for a fourth-straight week of gains, while oil prices faced a weekly drop despite rising on renewed supply fears.

Gold (XAUUSD:CUR) posted another record high of $2,790/oz on October 30, bringing the year-to-date performance to 35%. Analysts expect the safe-haven metal to push even higher amid uncertainties around the U.S. presidential election, geopolitical uncertainties, and a way to diversify against the U.S. dollar (DXY).

UBS, which has been bullish since Q4 '23, and continues to recommend gold as a hedge, recommending an allocation of around 5% within a balanced USD portfolio, has a target of $2,900/oz by end-3Q25.

A Trump win could push gold more quickly toward our target, while a Harris win could see it drop back to $2,600-$2,700/oz, UBS analysts said in a note dated October 31.

Gold demand in reached a record high in Q3, underpinned by ongoing central bank buying and a surge in investor interest, particularly from US-based ETFs.

Spot gold (XAUUSD:CUR) was up +0.15% to $2,750.89 an ounce by 6 am ET, set for a 0.2% weekly rise.

UBS said on Thursday copper prices on the London Metal Exchange (LME) are forecast to average $10,500 and $11,000 per metric ton in 2025 and 2026 on the back of tighter supplies. The investment bank sees a deficit of more than 200,000 tons in 2025, as demand grows for the metal key to energy transition.

ETFs: (COPX), (CPER), (OTC:JJCTF), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ)

Oil prices, meanwhile, were on track for a fourth-consecutive session of gain, even as they faced a more than 1% weekly fall, pressured by the biggest one-day percentage drop since July 2022.

Israeli intelligence believes Iran is preparing to carry out its attack using a large number of drones and ballistic missiles through pro-Iran militias in Iraq. Such an attack would raise the possibility of a strong response from Israel that could include Iranian oil infrastructure.

Crude oil jumped (CL1:COM) jumped +2.85% to $71.24/bbl, Brent crude (CO1:COM) dropped +2.65% to $74.74.

Front-month Nymex natural gas (NG1:COM) for December delivery advanced +0.35% to $2.72/MMBtu, set for a second-straight weekly gain.

ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG)