Gold rose past $2,400 per ounce on Friday, setting a fresh record, buoyed by increased expectations of Federal Reserve interest rate cuts, firm central banks buying, and safe-haven demand. Earlier signs of a slowdown in US consumer inflation and stagnant retail sales have provided the Fed with more leeway to initiate monetary easing. While policymakers haven' t officially changed their stance, markets are already pricing in first rate reductions for 2024. Lower interest rates raise the appeal of non-bearing assets like gold. Meanwhile, heightened geopolitical tensions also boosted bullion. Clashes between Israel and Hamas militants flared up in northern Gaza and southern Rafah, while the war in Ukraine raged on a new front. Furthermore, the upward trend was supported by strong central bank buying, particularly by China as it seeks to lessen its reliance on the US dollar. Over the week, the bullion was on track for a second consecutive gain of 1.8%.