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.

With new easing cycle from the Fed kicking off, tech "bubble risks" are back, Bank of America strategist Michael Hartnett says.

A months-long surge that has seen gold break successive records is drawing in more followers, as interest in physically backed exchange-traded funds gathers pace and more buyers seek to hedge against macroeconomic and geopolitical uncertainties.