Gold Peaks on Tariff Concerns

Gold prices scaled an all-time high on Friday, briefly touching the $2,800 mark, as market participants rushed to the safe-haven asset after U.S. President Donald trump reiterated his tariff threats.Spot gold steadied at $2,794.58 per ounce early Friday, after hitting record peak of $2,800.99 earlier in the session. Prices rose over 6% for the month and 1% for the week.U.S. gold futures were little changed at $2,824.90.Trump reiterated on Thursday the United States would impose a 25% duty on imports from Mexico and Canada and said he was still considering new tariffs on Chinese goods.Bullion is a preferred asset during times of economic and geopolitical turmoil.Market focus will now switch to the December U.S. personal consumption expenditures price index report due at 8:30 EST, the Federal Reserve’s favoured gauge of inflation, due later in the day. Earlier this week, Fed Chair Jerome Powell said inflation and jobs data would determine when easing would be appropriate.Data on Thursday showed U.S. economic growth slowed in the fourth quarter but consumer spending increased at its fastest pace in nearly two years.