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Gold prices fell on Friday as investors reassessed their risk outlook in the wake of U.S. President Donald Trump's tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown.

Spot gold was down 0.5% at $3,097.99 an ounce, as of 0305 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week.

U.S. gold futures eased 0.1% to $3,118.90.

In the previous session, gold dropped more than 2% as a broader market sell-off sparked by Trump's import tariffs, weighed on bullion traders.

This sharp pullback came just hours after gold reached a record high of $3,167.57.

"Gold tends to rally amid difficult-to-price uncertainty - like the start of a war - but tends to lose that support once markets learn how to price the risks involved," said Ilya Spivak, head of global macro at Tastylive.

"The Trump administration seems to have picked a road, and while sentiment clearly doesn't like it, at least the path of least resistance is more visible and easier to price. That is trimming some of gold's "market confusion" premium."

Trump said he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country's biggest trading partners.

U.S. trading partners threatened to ratchet up a trade war with Washington as these tariffs ignited fears of steep price increases in the world's largest consumer market.

Federal Reserve officials, seeking more detail on Trump's trade plans, got perhaps more than they anticipated when he unveiled sweeping tariffs, analysts said, noting that it could dramatically reshuffle the country's economic outlook.

The market now awaits the U.S. non-farm payrolls report, which could provide insights into the Fed's interest rate path.

Spot silver declined 1% to $31.56 an ounce, platinum dropped 0.6% to $946.40, and palladium slipped 0.8% to $920.75.