The yellow metal has consistently created new highs since the end of last week as the US dollar weakened due to tensions between China and the United States in the trade war.
At 9.20 am, the price of gold was at $3,358.51, up 0.31% since it opened in early trading on Thursday in the Asian session.
The escalation of the trade war is heating up as President Donald Trump ordered an investigation into the imposition of rare earth import tariffs that have escalated the dispute with China.
Bullion hit an all-time high at the end of trading on Wednesday reaching around $3,350 with the US Dollar Index (DXY) which tracks the performance of the dollar falling to 99.17 points.
In addition, Fed Chairman Jerome Powell's latest speech has destroyed expectations of a rate cut by emphasizing that the central bank needs to ensure that tariffs are not too significant in affecting inflation.
He added that the Fed's duty is to ensure that inflation expectations are well anchored for the long term and that price levels are no longer a problem.
On the data front, US Retail Sales came in above expectations compared to the previous reading. US Industrial Production suggests that manufacturing activity continues to slow.
This week, gold participants await housing data and Initial Jobless Claims.
