Spot gold rose 0.3% to $2,593.31 an ounce, while gold futures expiring in December rose 0.2% to $2,618.40 an ounce by 00:43 ET (04:43 GMT). Safe haven demand for gold was also aided by worsening tensions in the Middle East, after Israel allegedly exploded electronic devices used by Hezbollah, drawing vows of retaliation.

BEIJING: Prices of copper rose for a third straight session and were set for a weekly gain as the demand outlook

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.

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.

Gold prices rose to an all-time high on Wednesday after the U.S. Federal Reserve cut interest rates by 50 basis points, sending the dollar lower. Spot gold was up 0.9% at $2,592.39 per ounce as of 02:17 p.

Gold futures climbed to a fresh record high Thursday a day after the Federal Reserve launched its monetary easing cycle with a 50 basis points interest rate cut, which is seen as bullish for gold since lower borrowing costs benefit the metal,

Gold prices increased by 1.2 per cent to to a record high of $2,600.16 in response to the US Federal Reserve's an 50-basis point interest rate cut on Wednesday, with bullion expected to remain on an upward trajectory.