With new easing cycle from the Fed kicking off, tech "bubble risks" are back, Bank of America strategist Michael Hartnett says.

Gold, which tends to benefit from lower rates, rose as much as 1.2% before erasing gains after Fed Chair Jerome Powell said in a press conference that no one should see this as a “new pace.”

Gold hovered near record levels on Friday and was on track for a weekly gain after the U.S. Federal Reserve's recent oversized interest rate reduction and on signs that further cuts were on the horizon.