Gold hovered near record levels on Friday and was on track for a weekly gain after the U.S. Federal Reserve's recent oversized interest rate reduction and on signs that further cuts were on the horizon.

Experts see more upside despite MCX gold rate hitting a two-month high and spot gold price oscillating around a record high of $2,589 per ounce mark.(Photo: Reuters) Gold rate today: Following the market buzz on a steeper US Fed rate cut,

Gold pulled back from a record high after Federal Reserve Chairman Jerome Powell signaled policymakers aren’t in a rush to aggressively lower interest rates following Wednesday’s half percentage point cut by the US central bank.