Commodity markets are pricing in elevated odds that US President Donald Trump’s sanctions against Canadian imports will include raw materials like oil, according to Goldman Sachs Group Inc., which warned of higher gasoline prices in the Midwest if penalties cover crude flows.

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 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.

After promising during his election campaign to impose an immediate barrage of tariffs on US imports, President Donald Trump has reiterated his plans to begin with 25% levies on imports from Canada and Mexico on Feb.