Gold steadied near a record, with upcoming US data expected to give clues on whether the Federal Reserve’s 50-basis-point rate reduction last week will be the first in a series of aggressive cuts.

Gold has provided a better return on investment than the S&P 500 in 2024 and since the turn of the millennium.

Gold’s relentless rally got an added jolt this week from the Federal Reserve’s long-awaited interest-rate cut, but some analysts are beginning to wonder if the pool of potential buyers could begin to run dry.

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.