Due to the prospects of cutting U.S. interest rates next week, while palladium has gained 15% since the start of the week, the gold price hit its all-time high this Friday.

Spot gold was up 0.2% at $2,565 per ounce, at 0258 GMT, after reaching a record high of $2,567.93 earlier in the session. The ingot has gained 2.7% since the start of the week. US gold futures rose 0.5% to $2,593.40. According to Tim Waterer, chief market analyst at KCM Trade, “Gold strengthened following its latest upward foray. The gains have been steady, and a period of consolidation would not be surprising before gold tries to hit $2,600 if the dollar stays behind.”

Spot silver rose 0.1% to $29.93 per ounce and platinum gained about 1% to $986.60. Both metals are heading for a weekly gain. Palladium rose 0.16% to $1,048.06 and was heading for its best week since December 11, 2023, fuelled by concerns about limiting exports