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

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 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.

This also comes after the US Federal Reserve (Fed) kept interest rates unchanged at 4.25-4.5 per cent on Wednesday.

THE price of gold hit a new record on Thursday, lifted by uncertainty over the economic policies of US President Donald Trump and the dollar’s weakness following a disappointing US growth report. Read more at The Business Times.

Investors turned more bullish on gold as President Trump was signing the various Executive Orders that would begin enacting his aggressive policies. As a result, the SPDR Gold Shares ran through the top of its range at $250, initiating what is referred to as a “Volatility Rally”.