Gold edged higher at the open in Asia after President Donald Trump imposed sweeping tariffs on imports from Canada, Mexico and China, threatening trade wars that will spur inflation and damp global growth.

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 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.

Investors should put faith in stalwart commodities such as gold and oil if they want to shield their portfolios from tail-risk scenarios such as tariff escalation. That’s according to Goldman Sachs strategists led by Samantha Dart,

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,