Gold prices rise as Fed policy path comes into focus

Gold prices rose on Friday and were set for a fifth consecutive week of gains as the market watched for further clues following the Federal Reserve's announcement of its first interest rate cut of the year. The Fed previously cut its benchmark interest rate by 25 basis points, but warned of persistent inflation, casting doubt on the pace of future easing. Spot gold briefly hit a record high of $3,707.40 following the decision, before retreating in volatile trading. "Gold prices are still quite strong, just taking a short pause after the Fed's rate hike," said Bob Haberkorn, market strategist at RJO Futures. "The bullish trend remains intact, and new highs are inevitable. We could see $4,000 by the end of the year." Spot silver rose more than 2.2%, while spot platinum rose 1.4%. "What I'm seeing is that a lot of investors are turning to platinum and silver now because they're cheaper than gold," said Haberkorn.