Gold climbed to a record $2,650 an ounce on Thursday, extending a rally built on mounting expectations that the Federal Reserve will resume interest rate cuts before year-end.

The move came after softer-than-expected U.S. jobs data reinforced bets that policymakers have room to ease further, reducing the opportunity cost of holding non-yielding bullion.

Central bank buying, led by emerging-market institutions diversifying reserves away from the dollar, has provided an additional layer of support beneath the price all year.

Analysts said the metal could test $2,700 if upcoming inflation data comes in soft, though a stronger dollar or hawkish Fed commentary remains a near-term risk to the rally.