Gold rises to another record high ahead of expected Fed rate cut

Gold rose to another record high — after surging almost 2% to an all-time peak on Thursday — as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week.

Bullion climbed as much as 0.4% to $2 568.06 an ounce on Friday, and was on track for a weekly gain of almost 3%. The metal moved up sharply in the previous session after the euro pushed higher against the greenback as investors pared bets that the European Central Bank, which lowered rates on Thursday, would cut again next month.