Singapore, Nov. 25 (BNA): Gold prices breached the USD 2,700 threshold for the first time in over two weeks on Friday, on track for their biggest weekly gain in nearly two years. Safe-haven demand outweighed dollar strength and lower expectations of a U.S. rate cut next month.

Spot gold surged 1.5% at USD 2,709.24 per ounce by 01:51 p.m. ET (1851 GMT), marking its highest since Nov.6. U.S. gold futures settled 1.4% higher at USD 2,712.20, Reuters reported.

Gold's surge this week lifted prices more than USD 170 from last Thursday's two-month low of USD 2536.71.

Expectations for a December rate cut from the U.S. Federal Reserve have diminished, with the likelihood now at 53%, a sharp drop from 82.5% just a week earlier.

Spot silver rose 1.5% to USD 31.24 per ounce, palladium fell 1.4% to USD 1,015.00, while platinum gained 0.6% to USD 964.36. All three metals were on track for a weekly rise.

H.K