Gold hit an all-time high of $2,685 in Thursday's trading as the USD showed signs of recovery from early losses in the Asian and European sessions.
The latest US economic data shows indications of a 'soft landing', China's stimulus and rising tensions in the Middle East continue to support the rise in the value of the yellow metal.
At 9.50am, the price of gold was at $2,668.44, down a slight 0.15% since it opened early Friday.
The sentiment regarding the injection of funds in the Chinese economy continues to give high impetus to the increase in gold prices.
The Politburo remains steadfast in stabilizing the property market and adding more fiscal stimulus after the People's Bank of China (PBOC) cut the repo rate by 20 basis points from 1.70% to 1.50%.
In addition, last week's 50 basis point rate cut by the Federal Reserve (Fed) pushed the gold metal to hit another record high as global central banks cut borrowing costs.
While the US Dollar remains strong, expectations are that the Fed will begin an aggressive easing cycle and continue to support price increases.
The US economy grew rapidly in the second quarter of 2024 according to the Bureau of Economic Analysis (BEA).
Meanwhile, the US Department of Labor revealed that fewer people filed for unemployment benefits last week, a sign that the labor market remains strong.
