With new easing cycle from the Fed kicking off, tech "bubble risks" are back, Bank of America strategist Michael Hartnett says.

A months-long surge that has seen gold break successive records is drawing in more followers, as interest in physically backed exchange-traded funds gathers pace and more buyers seek to hedge against macroeconomic and geopolitical uncertainties.

Gold hovered near record levels on Friday and was on track for a weekly gain after the U.S. Federal Reserve's recent oversized interest rate reduction and on signs that further cuts were on the horizon.