• Gold hit a record $3,082.87 per ounce amid US tariff concerns
• Investors turned to gold as a hedge against economic uncertainty
• Central bank inflows and ETF demand boosted prices further
• Markets await US PCE data for Fed policy direction

Gold prices soared to a record high of $3,082.87 per ounce on Friday, driven by escalating global trade tensions and economic uncertainty.

The surge comes as US President Donald Trump announced fresh tariffs on foreign-made cars and auto parts, triggering retaliation threats from Canada and the European Union.

Investors flocked to gold, a traditional safe-haven asset, amid fears of economic fallout. 

With bullion up ~1.9% this week and on track for a fourth consecutive weekly gain, US trade policy, geopolitical instability, and expectations of Fed’s rate cuts as key drivers for XAUUSD.

Central bank inflows and rising ETF demand have further fueled the rally, with the next potential target for XAUUSD bulls at $3,100 per ounce.

Markets now await US personal consumption expenditures (PCE – Fed’s preferred inflation gauge) data for further monetary policy signals.

According to Bloomberg, the potential (72,7% probability) XAUUSD 7-day trading range lies in between $3019.02-$3146.01.

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