After the Federal Reserve's recent major interest rate cut and signs that more cuts were on the horizon, gold held at record levels on Friday and was on track for a weekly gain.

Spot gold rose 0.2% to $2,592.17 per ounce at 0309 GMT, up 0.6% for the week so far. US gold futures rose 0.1% to $2,617.30. BMI said in a note that “gold prices should be well supported in the coming months due to the weakening US dollar and falling bond yields, as well as in a context of high geopolitical tensions

The bullion hit a record $2,599.92 on Wednesday after the Fed began easing monetary policy with a half-percentage point cut in its interest rate.

Spot silver rose nearly 1% to $31.09 per ounce and palladium gained 0.6% to $1,086.75 per ounce. Platinum remained stable at $988.30 and is down 0.9% since the start of the week