Gold prices soared past the $2,800 mark for the first time Friday, driven by investor demand for safe-haven assets as President Donald Trump's tariff threats reignited fears over global economic stability. The rally coincided with new inflation data showing persistent price pressures, raising uncertainty over the Federal Reserve's next policy moves.

Spot gold climbed 0.6% to $2,810.66 per ounce, after hitting an all-time high of $2,817.23 earlier in the session. U.S. gold futures traded at $2,826.40, holding a premium over spot prices.

"There's a lot of uncertainty out there right now and also a wait-and-see attitude on the geopolitical stage with tariffs," said Bob Haberkorn, senior market strategist at RJO Futures.

Gold's latest surge comes as Trump's administration moves closer to imposing a 25% tariff on imports from Canada and Mexico, with a Saturday deadline looming. The president has also said he is weighing new tariffs on Chinese goods, a move that could further rattle global markets.

Investors are turning to gold as a hedge against potential trade disruptions and inflation risks. The metal has gained more than 7% this month, marking its best monthly performance since March 2024.

"Mixed signals we're getting from the Fed and the Trump administration right now are causing uncertainty in the market," Haberkorn said. "Trump wants to cut interest rates, while the Fed wants to hold them steady."

The gold rally coincided with new data from the U.S. Commerce Department showing that the core Personal Consumption Expenditures (PCE) index-the Fed's preferred measure of inflation-rose 2.8% in December from a year earlier. The reading matched November's annual rate and came in line with expectations.

On a monthly basis, core PCE increased 0.2%, up from November's 0.1% gain, while headline PCE, which includes food and energy, rose 0.3% for the month and 2.6% for the year.

The data reinforces expectations that the Fed will keep interest rates steady for the foreseeable future. Fed Chair Jerome Powell said Wednesday that policymakers are in no hurry to cut rates given that inflation remains above the central bank's 2% target and the labor market remains resilient.

Despite the inflation data, gold showed little immediate reaction, continuing to trade near record highs. Analysts say the metal's safe-haven appeal remains strong, particularly with heightened economic and policy uncertainty.

"Elevated consumer prices will likely prevent the Federal Reserve from cutting interest rates anytime soon," analysts at TD Securities wrote in a note. "However, the fact that inflation remains unchecked poses a threat to the economy, reinforcing gold's safe-haven appeal."

The report also showed that consumer spending surged 0.7% in December, exceeding expectations of a 0.5% gain. Personal income, meanwhile, rose 0.4%, matching forecasts.

However, analysts warn that consumers are increasingly relying on debt and drawing down savings to sustain spending. The personal savings rate fell to 3.8% in December, its lowest level in two years.

"We're noticing that there is a bifurcation in the consumer outlook," said Gregory Daco, chief economist at EY-Parthenon. "Lower- and middle-income households are becoming more cautious in this high-price, high-interest-rate environment."

Gold's rally also lifted other precious metals. Spot silver fell 0.5% to $31.52 per ounce after hitting a one-month high Thursday. Platinum gained 1.2% to $977.85, while palladium rose 1.5% to $1,003.50. All three metals were on track for monthly gains.