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Spot gold was up 0.1 percent at $2,898.99, while U.S. gold futures gained 0.4 percent to $2,912.60
The U.S. Consumer Price Index (CPI) report is scheduled for release at 13:30 GMT later today
Trump's 25 percent tariffs on steel and aluminum imports raised inflation fears, escalated trade tensions
Trump announced 25 percent tariffs on all steel and aluminum imports, escalating trade policy amidst existing metal duties
Central banks' strong purchases and high gold prices drove demand to a record high of 4,974 tons
Annual gold investment reached a four-year high of 1,180 tons, rising 25 percent year-on-year
Prices rose after China imposed tariffs on U.S. imports in response to new American duties
This represents a month-on-month increase of 5.5 percent, or $348.5 million
The Double Taxation Agreement aims to strengthen economic ties through improved tax collaboration
This surge brings the total value to $10.644 billion by December 2024, a rise from $8.440 billion recorded in December 2023
Prices are set for weekly gains as uncertainty over U.S. interest rates and trade tariffs boosts safe haven demand
Factors that may support gold prices include stronger central bank demand or rapid deterioration of financial conditions
