Gold prices hit a record high on Friday, set for their best month since March 2024, as investors flocked to the safe-haven metal due to heightened U.S. tariff concerns, while awaiting a key inflation report for further direction.

Gold is on track for its best monthly performance since March last year as sentiment remains strong and participants consider the possible influence of American politics. Both it and the dollar remained strong this week as the Federal Reserve (‘the Fed’) held rates and the European Central Bank (‘the ECB’) cut as expected.

Gold futures were broadly flat at $2,845 a troy ounce, having reached a fresh record of $2,859.50 a troy ounce earlier in the session. Gold prices have likely climbed on a swift move from investors to safety due to Trump tariff threats,

Safe-haven demand due to geopolitical uncertainties and concerns over global economic growth amid U.S. President Donald Trump's tariff plans have hoisted gold prices to a record high, once again bringing the key $3,

Gold prices rose nearly 1% on Friday, lingering near record high levels scaled in October, steered by U.S. President Donald Trump's calls to lower interest rates and uncertainty surrounding his trade policies.

Gold is considered a safe investment during geopolitical turmoil and thrives in a low interest rate environment

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.