Gold prices surged on Friday, reaching a fresh all-time high as safe-haven demand intensified amid escalating trade tensions and a weaker US dollar. The metal rose as the US and China continue to raise their tariffs, deepening fears of a prolonged global trade confrontation. While a 90-day pause on new tariffs was granted to most countries, the aggressive stance toward Beijing affected investor sentiment.

Meanwhile, the US CPI report showed an unexpected decline in consumer prices for March, strengthening market conviction that the Federal Reserve could adopt a looser monetary policy. The market could see as many as four rate cuts this year, which could continue to bolster non-yielding assets like gold.

Geopolitical risks also remain a key driver of gold’s momentum. With tensions continuing in Eastern Europe and the Middle East, safe-haven demand could remain high. Looking ahead, attention turns to today’s US producer inflation data for further clues on the Fed’s path. Upcoming speeches from Federal Reserve officials will also be closely monitored.