Gold hovered near record levels on Friday and was on track for a weekly gain after the U.S. Federal Reserve's recent oversized interest rate reduction and on signs that further cuts were on the horizon.

Sustained demand from investors is also helping to drive the price uptick and will likely play a role in future price growth. As more investors buy gold to capitalize on its upward price trajectory (or gain access to the many other benefits it offers), the price of gold is likely to climb.

Gold pulled back from a record high after Federal Reserve Chairman Jerome Powell signaled policymakers aren’t in a rush to aggressively lower interest rates following Wednesday’s half percentage point cut by the US central bank.