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Gold prices rose to an all-time high on Friday amid expectations of a U.S. interest rate cut, while palladium was on track for its best week in nine months.
Spot gold rose 0.4 percent to $2,570.07 per ounce by 0857 GMT, after hitting an all-time high of $2,570.91 earlier in the session.
U.S. gold futures rose 0.7 percent to $2,598.10.
The dollar index fell 0.4 percent, making greenback-denominated gold less expensive for holders of other currencies.
According to the CME FedWatch tool, traders are now pricing in a 41 percent chance of a 50 basis point rate cut at the Fed’s Sept. 18 meeting, up from a 28 percent chance, after the Wall Street Journal and Financial Times reported that a bigger cut was still on the table.
The European Central Bank cut interest rates again on Thursday.
Spot silver rose 0.7 percent to $30.13 an ounce.
Palladium fell 0.2 percent to $1,044.14, but has risen 14 percent since the start of the week.
Platinum rose 1.1 percent to $988.35.
