Doha: Gold held steady on Friday and was on track for a seventh consecutive weekly gain, supported by expectations of further US interest rate cuts this year and concerns over the impact of the ongoing US government shutdown. Spot gold traded at $3,851.48 per ounce, after hitting a record high of $3,896.49 in the previous session, and is up 2.5% so far this week.

According to Qatar News Agency, US gold futures for December delivery rose 0.2% to $3,875.50. The gains come against the backdrop of the US government shutdown, which threatens to delay the release of key economic data, including the closely watched nonfarm payrolls report due later today. Gold, viewed as a safe-haven asset during periods of political and economic uncertainty, also tends to benefit from lower interest rates. Prices have surged nearly 47% since the beginning of the year.

In other precious metals, spot silver fell 0.4% to $46.79 per ounce, platinum slipped 0.3% to $1,563.86, while palladium edged up 0.2% to $1,243.41.