Gold hits all-time high with prices above $2,609 per ounce

The price of gold, an asset considered a safe-haven security, surpassed $2,609 per ounce, a record high, on Friday, boosted by the prospect of further U.S. interest rate cuts.

Gold prices rose to $2,609.74, two days after the Federal Reserve (Fed) cut its rates for the first time since 2020 and warned there would likely be further cuts.

The yellow metal stood at its highest level in mid-September, pushed by impending U.S. rate cuts and a weak dollar. It has already set another record high in August.

The Fed on Wednesday cut its benchmark interest rate for the first time since 2020 and opted for a sharp, half-percentage-point drop to 4.75-5.00%, just weeks before the U.S. presidential election.

The central bank also announced that it plans to end the year with a cut of an additional half a percentage point.