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 rose to a record high as investors flocked to safety after US President Donald Trump reiterated threats to impose tariffs on Mexico and Canada.

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