PRECIOUS-Gold set for eighth weekly gain as tariff threats boost safe-haven demand

Adds comments, graphics and updates with mid-session trading

By Rahul Paswan

Feb 20 (Reuters) - Gold prices edged lower on Friday from a record high hit in the previous session, but stayed on track for their eighth straight weekly gain, supported by safe-haven demand on concerns over U.S. President Donald Trump's tariff threats.

Spot gold XAU= shed 0.4% to $2,927.89 an ounce by 0501 GMT. Bullion has added more than 1% so far this week, rising to an all-time high of $2,954.69 on Thursday.

U.S. gold futures GCcv1 fell 0.5% to $2,942.

"Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge," IG market strategist Yeap Jun Rong said.

"Buyers seem to be eyeing the psychological $3,000 level seriously, and it seems hard to go against the broader upward trend."

Earlier this week, Trump said he will announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.

Since taking office on January 20, Trump has imposed an additional 10% tariff on Chinese imports and a 25% tariff on steel and aluminium.

U.S. Federal Reserve officials are taking note of what they see as rising inflationary risks and the uncertain impact of Trump's trade, immigration, and other policies.

Fed Governor Adriana Kugler said on Thursday that given the balance of risks it is appropriate to hold the federal funds rate in place for some time.

Bullion is seen as a safeguard against geopolitical risks and inflation, but higher interest rates dampen the non-yielding asset's appeal.

Spot silver XAG= dropped 0.4% to $32.79 an ounce, palladium XPD= dipped 0.8% to $969.84 and platinum XPT= fell 0.8% to $970.28.

Platinum has lost nearly 1% so far this week, while both silver and palladium have climbed more than 2% and 1%, respectively.