Gold prices rose on Friday as mounting expectations of a US Federal Reserve rate cut next week buoyed sentiment, while silver soared to a record high.

Spot gold was up 1 percent to $4,212.16 per ounce at 1:36 p.m. ET (1836 GMT), but was on track for a 0.4 percent weekly loss.

US gold futures for February delivery settled unchanged at $4,243 per ounce.

"The market is increasingly confident that the central bank is going to cut (rates) and in response to that, we've seen the US dollar weaken a little bit and that's accretive for gold," said Bart Melek, global head of commodity strategy at TD Securities.

US gold futures for February delivery settled unchanged at $4,243 per ounce.

"The market is increasingly confident that the central bank is going to cut (rates) and in response to that, we've seen the US dollar weaken a little bit and that's accretive for gold," said Bart Melek, global head of commodity strategy at TD Securities.

Meanwhile, physical gold demand in India and China eased this week as buyers wait for a correction in spot prices.