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.

Interest rates are falling and could fall again in the months to come. That was the big economic news this week after the Federal Reserve issued its first cut to the federal funds rate in more than four years.

Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East. Spot gold was up 1.3% at $2,

Spot gold price hit a new peak of $2,625 per ounce while the MCX gold rate ended at the ₹74,014 mark, ₹717 away from the all-time high of ₹74,731 per 10 gm

Gold futures climbed to a fresh record high Thursday a day after the Federal Reserve launched its monetary easing cycle with a 50 basis points interest rate cut, which is seen as bullish for gold since lower borrowing costs benefit the metal,

Gold prices rose over 1% on Thursday as the U.S. Federal Reserve launched its monetary easing cycle with a half percentage point move, boosting bullion to an all-time high and just a few cents shy of the key $2,