Gold prices climbed over 1% on Friday, closing in on its all-time-high hit in October, as a weakening dollar on U.S. President Donald Trump's push for lower rates and tariff uncertainty drove the metal towards its fourth straight weekly rise.

The dollar fell to a five-week low after U.S. President Donald Trump said he'd prefer not to impose tariffs on China. In an interview with Fox News aired Thursday, he said China doesn't want tariffs and he would "rather not" use them.

The U.S. dollar weakened on President Donald Trump’s Inauguration Day, and remained under pressure Tuesday after it became clear immediate tariffs weren’t in the cards, according to BofA Global Research.