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 prices rose to all-time highs Thursday, sparked by safe-haven demand, a weaker U.S. dollar and lower Treasury yields. The dollar fell 0.2%, making gold less expensive for other currency holders,

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.