Gold futures made new record on Friday as investors shifted their focus towards the safe haven status of the metal in reaction of weakening US dollar.  Gold futures contract for December delivery gained 1.7 percent or $30.20 to settle at $1,852.20 per ounce on Comex division of New York Mercantile Exchange. The respective contract touched the intraday high of $1,881.40 per ounce. For the week the respective contract has gained 6.4 percent while is up 14 percent for the current month.

Head traded and strategist, Matt Zeman from Kingsview Financial in Chicago commented, “We could hit $2,000 as early as next week sometime at this rate, certainly in the next weeks,” he further added, “Gold’s fast rise has been of some concern, it could end with a selloff that would shave $200 to $100 off current prices, although underlying fundamentals for the metal are favorable, it is starting to look a little bit bubbly.”

However some analysts believe that even negative news like nationalization of Venezuela’s gold industry won’t be able to impact the current rally.

Among other metals, silver futures contract for September delivery gained 4.3 percent or $1.74 to settle at $42.43 per ounce. Copper futures contract for September delivery surged 0.4 percent or $0.02 to $3.98 per pound whereas for the week copper fell 0.7 percent.

Platinum futures contract for September delivery gained 1.1 percent or $8.20 to $748.80 per ounce while October palladium advanced 1.5 percent or $27.20 to $1,874.90 per ounce.