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.

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.

Gold prices rose on Thursday as investors worried about potential import tariffs from US President Donald Trump, while investors awaited a key inflation report to gauge the Federal Reserve's policy path. Spot gold was up 0.7 per cent at $2,777.55 per ounce, as of 1227 GMT. US gold futures climbed 0.9 per cent to $2,794.