Gold prices are set for a third straight weekly gain, driven by expectations of U.S. Federal Reserve rate cuts and increased safe-haven demand due to geopolitical and economic uncertainties.

Spot gold hit a record high of $3,057.21 per ounce on Thursday before easing to $3,029.86. The Fed’s signal of potential rate cuts this year and global tensions, including Middle East conflicts, have boosted gold’s appeal. Despite a slight dip on Friday, gold remains up 1.5% this week.