Gold prices soar to unprecedented levels globally and in Pakistan, following the US Central Bank's interest rate cut.

London is the most influential hub for the spot gold market, largely because of the London Bullion Market Association (LBMA).

LONDON - Spot gold prices hit a record high on Friday as a weak dollar, expectations of more U.S. interest rate cuts and tensions in the Middle East more than offset muted physical demand in Asia.

The S&P BSE Sensex climbed 1,359.51 points or 1.63% to 84,544.31. The Nifty 50 index advanced 375.15 points or 1.48% to 25,790.95.

With both assets leading the market, here's a closer look at the factors driving their remarkable performance.

Gold hit a record high above $2,600 per ounce on Friday, as the prospect of more U.S. interest rate cuts and global geo-political uncertainty boosted its appeal.

The price of gold rose to a fresh record high of more than $2 609 on Friday as the prospect of fresh US interest rate cuts boosted demand for the precious metal.

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