02:00 PM EDT, 03/28/2025 (MT Newswires) -- (Updates prices.)

Gold traded at yet another record high mid-afternoon on Friday as investors move to the metal's safe haven amid U.S. President Donald Trump's tariff wars, while a key U.S. inflation measure rose more than expected last month,

Gold for June delivery was last seen up US$24.00 to US$3,114.90 per ounce.

The rise comes as U.S. tariff threats continue to roil markets and push investors to gold as a store of value. Trump is promising to impose an additional round of tariffs on U.S. imports on April 2, boosting inflation and upsetting global trade flows.

Gold is being "supported by momentum and continued demand from investors seeking protection against an economic fallout from an escalating trade war", Saxo Bank noted.

A higher than expected rise in a key U.S. inflation measure is also offering support to the metal. The U.S Commerce Department reported the February Personal Consumption Expenditures Index, the Federal Reserve's preferred inflation measure, rose at a 2.5% annualized rate, matching the FactSet consensus estimate. But core PCE, excluding volatile food and energy prices, climbed at a 2.8% clip, above expectations for a 2.7% reading.

The dollar fell following the data, with the ICE dollar index last seen down 0.33 points to 104.0. Treasury yields also dropped, with the U.S. two-year note last seen paying 3.92%, down 8.2 basis points, while the 10-year note was paying 4.262%, down 10.3 points.