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.

Traders are monitoring the potential economic implications of widespread tariffs under the Trump administration, which could boost demand for safe-haven assets, an investment advisor notes.

Gold rose to new all-time high on Thursday as new US economic data weakened the dollar, while tariff threats by President Donald Trump continue to drive safe-haven demand. Spot gold rose 1.2% to $2,793.25 an ounce by 11:50 a.m. ET, having hit a record $2,798.50 earlier in the session. US gold futures gained 1.9% to $2,846.20 per ounce.