Gold hit unprecedented peak on Thursday, this surge was fueled by growing expectations of U.S. monetary easing, further supported by sustained positive factors such as central bank buying and increased demand as a safe-haven asset.

Spot gold advanced 0.4% at $2,156.93 per ounce, touching record peak of $2,164.09, while gold futures steadied 0.2% higher at $2,165.2 per ounce.

Powell mentioned that the Federal Reserve is "close" to gaining sufficient confidence that inflation is on track to reach the Fed's 2% target, enabling them to consider initiating interest-rate cuts.

World Gold Council market strategist Joseph Cavatoni stated that the anticipation of rate cuts is propelling gold prices, and there is a widespread expectation that they will materialize.

The market's future trajectory could receive additional insight from the U.S. non-farm payrolls report scheduled for Friday.

In the physical markets, the anticipated price surge was likely to reduce consumption during the Indian wedding season. However, China, being a top buyer, might experience strong demand as a safe-haven.