Gold prices held near a seven-week high on Friday, supported by expectations of more interest rate cuts next year after the U.S. Federal Reserve pushed back against hawkish market bets, while silver hovered just below Thursday's record peak.

Spot gold dipped 0.3% to $4,270.89 per ounce by 0524 GMT, but was on track for a 1.8% weekly gain after hitting its highest since October 21 on Thursday.