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Three 1kg gold bullion bars worth over 155,00 GBP lay on the counter in a gold dealers in Birmingham's jewelry quarter on Dec. 13, 2023 in Birmingham, England.

Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve's recent super-sized interest rate reduction and on signs that further cuts were on the horizon.

Spot gold rose 0.2% to $2,592.17 per ounce, as of 0309 GMT, up about 0.6% for the week so far.

Bullion rose to a record high of $2,599.92 on Wednesday after the Fed began easing monetary policy with a half-percentage-point rate cut. The Fed also projected a further half-point reduction by year-end, a full point next year, and an additional half-point in 2026.

U.S. gold futures edged up 0.1% to $2,617.30.

"Current trends are very positive for gold, and if these favorable market conditions continue, prices could reach between $2,600 and $2,800 over the next 12 months," said Kyle Rodda, a financial market analyst at Capital.com.

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