International gold prices soared to an all-time high on Friday, amid expectations for a rate cut in the United States and escalating tensions in the Middle East.

According to Reuters, the spot price for gold rose one-point-seven percent to two-thousand-498 U.S. dollars and 72 cents per ounce as of 2:27 p.m. Eastern time, after hitting a record high of two-thousand-500 dollars and 99 cents earlier in the day.

U.S. gold futures jumped one-point-eight percent to two-thousand-537 dollars and 80 cents, while bullion rose two-point-eight percent this week.

Amid growing speculation that the U.S. Federal Reserve is set to cut interest rates in September, Tai Wong, a New York-based independent metals trader, was quoted saying that all eyes are on Fed Chair Powell's upcoming speech at the Jackson Hole Economic Symposium later this month.