Gold prices continued their upward journey in Dubai, hitting a new peak on Friday as global prices surpassed $2,600 per

Bullion rose to a record high of $2,599.92 on Wednesday after the Fed began its easing cycle with a half-percentage-point cut. The Fed also projected a further half-point reduction by year-end, a full point next year and an additional half-point trim in 2026.

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.