On Thursday, gold hit record highs of $2,940 an ounce as demand for safe haven assets was fuelled by growing global trade concerns.
After the EU and Canada responded against US trade obstacles, President Donald Trump threatened to impose further tariffs on EU imports on Wednesday.
According to Commerce Secretary Howard Lutnick, Trump will also shield copper from trade restrictions.
In the meanwhile, the headline and core US inflation figures fell short of forecasts, providing investors with reassurance that the economy is deflating and allowing the Fed to adopt a less controlling approach.
But tariff effects have not yet been felt, and inflation may increase once again in the upcoming months.