(Bloomberg) -- Gold held firm following a weekly advance as rising concerns about the global economic outlook buttressed haven demand.

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Spot bullion steadied near $2,910 an ounce, after gaining almost 2% last week. In the US, President Donald Trump said the economy faced “a period of transition” as he pressed on with his focus on tariffs and federal job cuts. In China, data pointed to persistent deflationary pressures.

The precious metal has surged in the opening quarter of 2025, hitting successive records and gaining every week apart from one. The rally has been driven by investor anxiety about the disruption caused by the Trump administration’s trade policies, signs of sustained central-bank buying, and speculation the Federal Reserve may cut interest rates further.

Fed Chair Jerome Powell acknowledged rising economic uncertainties in the US but said officials don’t need to rush to adjust policy, according to remarks on Friday. Among recent data points, the Atlanta Fed’s GDPNow gauge signaled US economy may shrink this quarter. Lower borrowing costs tend to benefit gold as it doesn’t pay interest.

“Weak US economic data and recession fears have raised rate-cut expectations, which are all supportive of gold,” said Zhu Shanying, an analyst at CITIC Futures Co. Still, bullion may be range-bound before the Fed announces its next policy decision later this month, she said.

Against that backdrop, bullion-backed exchange-traded funds have been attracting inflows, expanding for the past six weeks to reach the highest level since December 2023, according to an initial Bloomberg tally.

Spot gold was flat at $2,910.40 an ounce at 2:02 p.m. in Singapore, 11% higher this year. Its latest record was set at just above $2,956 last month. The Bloomberg Dollar Spot Index steadied following its deepest weekly loss since 2022. Silver, platinum and palladium fell.

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