Gold prices rose on Friday and were set for a fifth consecutive week of gains as the market watched for further clues after the Federal Reserve announced its first interest rate cut of the year. The Fed had previously cut its benchmark interest rate by 25 basis points but warned of persistent inflation, casting doubt on the pace of future easing. Spot gold briefly hit a record high of $3,707.40 after the decision was announced, before retreating in volatile trading. "Gold prices are still quite strong, just pausing a bit after the Fed's rate hike," said Bob Haberkorn, futures market strategist at RJO. "The bullish trend remains intact, new highs are inevitable, and we may see $4,000 before the end of the year." Spot silver rose more than 2.2%, while spot platinum rose 1.4%. "What I'm seeing is that a lot of investors are turning to platinum and silver now because they are cheaper than gold," said Haberkorn.