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.

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.

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