Gold prices hit a record high on Friday and were set for a fifth consecutive weekly gain, as investors flocked to the safe-haven metal due to heightened U.S. tariff concerns, while awaiting a key inflation report due later in the day for further direction.

Gold prices rose to hit a lifetime high on Thursday while the focus was also on a crucial inflation report for clues on the Fed's policy path.

Gold hit a new all-time high as the dollar pushed lower and traders sought safety amid concerns over President Donald Trump’s tariff measures.

Donald Trump's self-imposed deadline for a first round of tariffs on Canada, Mexico, and China looms in less than two days as economic observers and world leaders try to plan amid the uncertainty.

But just before the Wall Street close on Thursday President Donald Trump said the U.S. could slap 25% tariffs on Mexico and Canada. Trump had said Saturday would be tariff decision day - could China be targeted too?