Backed by the demand for safe havens and expectations from the U.S. Federal Reserve, which is expected to start cutting interest rates in September, the gold price is on track for its biggest weekly rise in four months on Friday.

US gold futures rose 1.1% to $2,507.80. Spot gold was up 0.7% at $2,463.45 per ounce, at 0915 GMT, only $22 from the record high of $2,483.60 reached on July 17. The ingot is on track to make its biggest weekly gain since April 5. According to Zain Vawda, market analyst at MarketPulse by OANDA, “gold prices are supported by rising expectations of rate cuts, boosted by recent weak US economic data... in addition, fears of a retaliatory attack by Iran and its proxies in the Middle East are reinforcing the appeal of gold

Palladium gained 0.7% to $911.86, platinum rose 1.4% to $972.35, and spot silver rose 1.2% to $28.9 per ounce. These three metals were on track to make weekly gains.