Gold hovers near record high as traders navigate Fed's giant rate cut

Gold prices stabilized close to record highs on Friday and were set for a weekly gain, as markets adapted to the recent significant interest rate cut by the U.S. Federal Reserve and indications of potential further reductions.

Spot gold held its ground at $2,586.98 per ounce, as of 0028 GMT, and has climbed about 0.4% for the week so far.