Gold hits record high on safe-haven demand, Fed rate-cut bets

Gold prices surged to a record high in early Asian trading on Friday, buoyed by safe-haven demand and rising expectations of further interest rate cuts by the US Federal Reserve. Spot gold rose 0.5% to $4,501.44 per ounce by 0209 GMT, after touching a record peak of $4,530.60 earlier in the session.