LONDON - 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.

Gold prices soar to unprecedented levels globally and in Pakistan, following the US Central Bank's interest rate cut.

With both assets leading the market, here's a closer look at the factors driving their remarkable performance.

The S&P BSE Sensex climbed 1,359.51 points or 1.63% to 84,544.31. The Nifty 50 index advanced 375.15 points or 1.48% to 25,790.95.