Gold traded around $3,990 per ounce on Friday, heading for its eighth consecutive weekly gain after notching a record high earlier in the week, supported by economic uncertainties and expectations of US rate cuts. New York Fed President John Williams said he was open to another rate cut, though concerns over rising inflation may complicate the decision. This echoed minutes from the latest FOMC meeting, which showed policymakers saw growing risks to the labor market but remained cautious about persistent inflation. Meanwhile, the US government shutdown, now in its second week, has delayed key data releases and continued to fuel market uncertainty. On Thursday, bullion retreated from its fresh $4,000 milestone as the US dollar strengthened and investors took profits following news that Israel and Hamas had agreed on the first phase of a ceasefire plan.