Gold climbed past $2,390 per ounce on Friday, touching a new record high, driven by safe-haven demand amid the risks of geopolitical tensions and a robust physical demand from central banks. The bullion’s appeal remains despite strong economic data. Although both headline and monthly producer price inflation were lower than anticipated, the core annual rate exceeded expectations. Last Wednesday, the sticky consumer inflation data pushed markets to reduce their expectations on the magnitude and timing of the Fed's interest rate cuts. The majority of analysts adjusted their forecasts for the initial rate cut, moving it from June to September, and revised their outlook for the year to anticipate two reductions instead of three. Meanwhile, the ECB held interest rates at a record high but signaled it could start cutting as early as June.