Gold climbed to $3,680 per ounce on Friday, marking a fifth consecutive weekly gain as investors reacted to the Federal Reserve’s first rate cut of the year and monitored signals on future policy. Following Wednesday’s 25-basis-point cut, spot gold briefly reached a record $3,707.40 before pulling back amid volatile trading. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, supporting the metal’s bullish trend. Fed officials, including Minneapolis President Neel Kashkari, indicated that labor market risks justify the cut and could prompt further reductions. Physical demand remained robust, with Indian premiums hitting a 10-month high and Chinese discounts widening to a five-year peak. Gold has surged roughly 39% year-to-date, repeatedly setting record highs amid expectations of further Fed easing, geopolitical tensions, and strong central bank purchases.