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.

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

Donald Trump's self-imposed deadline for a first round of tariffs on Canada, Mexico, and China looms in less than two days as economic observers and world leaders try to plan amid the uncertainty.

But just before the Wall Street close on Thursday President Donald Trump said the U.S. could slap 25% tariffs on Mexico and Canada. Trump had said Saturday would be tariff decision day - could China be targeted too?

After promising during his election campaign to impose an immediate barrage of tariffs on US imports, President Donald Trump has reiterated his plans to begin with 25% levies on imports from Canada and Mexico on Feb.