Gold hits record high as U.S. dollar, Treasury yields tank amid speculation of Fed rate cuts

Gold is glittering to kick off December.

At the end of the Friday trading session, Gold prices hit a record high of $2,090 per ounce on the COMEX division of the New York Mercantile Exchange.

The yellow metal enjoyed a weekly gain of 4.3 percent and a year-to-date rally of 1.42 percent.

The meteoric ascent in gold was driven by crashing U.S. Treasury yields, a tanking U.S. dollar, and expectations that the Federal Reserve will slash interest rates earlier than expected.

But investors might need to prepare for a pullback as the Relative Strength Index for gold is at around 72 (anything above 60 indicates overbought conditions).

Still, this was a huge milestone for gold.