Gold rose to a new record high as concerns about the impact of tariffs on the global economy drove investors to safe havens.

Bullion edged higher in early Asian trade on Friday to above $3,190 an ounce. That surpassed a previous record set in the previous session, when it closed more than 3% higher for a second straight day.

Gold's safe-haven status has been underscored this week, with President Donald Trump's fluctuating messaging on his tariff agenda triggering panic selling in stocks, bonds and the U.S. dollar, as fears of a global recession hit Wall Street. Risks and uncertainty remain even after a 90-day pause on higher tariffs that have hit dozens of trading partners, with duties on all Chinese imports now at least 145%. Read More: Markets Plunge as Tariff War Concerns Spark Exodus from U.S. Assets

There is growing skepticism that trade talks will conclude on time, though White House Economic Council Director Kevin Hassett said the U.S. is "very advanced" in its discussions with economic partners.

Gold's rally of more than a fifth this year has also been fueled by hopes for Federal Reserve monetary easing and central bank purchases. On Thursday, data showed underlying U.S. inflation cooled broadly in March, with traders now pricing in expectations for three interest rate cuts in the remainder of the year, with a fourth possible. Lower interest rates typically benefit gold because it doesn't pay interest.

"We remain fairly positive on gold," Dominic Schnider, head of commodities and currencies for Asia Pacific at UBS Global Wealth Management, said on Bloomberg Television. "The next step is, at some point, the Fed is going to come in — and that gives gold the next step." Spot gold rose 0.3% to $3,186.08 an ounce at 6:55 a.m. in Singapore, a weekly gain of about 5%. The Bloomberg Dollar Spot Index fell for a fourth day. Silver, platinum and palladium all edged up. (Newsmaker23)

Source: Bloomberg