Gold prices (XAU/USD) climbs to a record high near $2,390 during the early Asian session on Friday.
The market expectation that the US Federal Reserve (Fed) will cut its benchmark interest rate this year is the main driver for the yellow metal. Additionally, the gold purchase by the Chinese central bank and the ongoing geopolitical tensions in the Middle East boost safe-haven flows, benefiting the gold price.
Market reaction
Gold price (XAU/USD) attracts some buyers and has reached a record high near $2,390. At the time of writing, the gold price is trading around $2,385.60, up 0.52% on the day.
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