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.

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.

GOLD prices steadied near record highs on Friday (Sep 20) and were poised for a weekly gain, as markets adjusted to the US Federal Reserve’s recent super-sized interest rate reduction and signs that further cuts were on the horizon.