OREANDA-NEWS  Gold prices set another record in trading on Friday, surpassing the $2,400 per ounce mark for the first time.

Quotations of June gold contracts on the New York Comex exchange jumped by 1.7% to $2,413.9 per ounce by 12:00 Moscow time. Since the beginning of the year, the precious metal has increased in price by more than 14%.

The rally in precious metals is caused by expectations of a Federal Reserve interest rate cut, high geopolitical risks and active demand from central banks, MarketWatch notes. Analysts predict that these factors will not go away and the rally will continue.

"Only minor statistics from the United States are expected next week, and gold is unlikely to experience significant pressure," wrote Thu Lan Nguyen, head of commodity market research at Commerzbank.

Meanwhile, Ole Hansen from Saxo Bank pointed to technical resistance in the areas of $2,450, $2,500 and $2,645 per ounce, but noted that a correction, if it happens, is likely to be small.