Spot gold prices hit a record high on Friday as a weak dollar, expectations of more U.S. interest rate cuts and tensions in the Middle East more than offset muted physical demand in Asia. Spot gold was up 1.

Gold rose to a record high, building on a surge of nearly 2% on Thursday, as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week.Most Read from BloombergHousing’s Worst Crisis in Decades Reverberates Through 2024 RaceHow Americans Voted Their Way Into a Housing CrisisFrom Louisville,