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. Non-yielding gold is up 26% so far this year, heading for its biggest annual rise since 2010. Gold could hit $3,000 per ounce in a year amid geopolitical risks and investors hedging against a slowing economy. Meanwhile, demand from the physical sector in Asia remains light and gold is trading there at a discount to the London price.
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