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.

Traders are monitoring the potential economic implications of widespread tariffs under the Trump administration, which could boost demand for safe-haven assets, an investment advisor notes.

Gold prices rose on Thursday as investors worried about potential import tariffs from U.S. President Donald Trump, while investors awaited a key inflation report to gauge the Federal Reserve's policy path.

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.