Gold surged Friday to a record, breaking $2,500 despite positive economic data which shifted projections for September’s rate cut towards 25-bp instead of 50. Retail spending more than tripled estimates and consumer sentiment rose for the first time in 5 months. Rising geo-political tension coupled with easing inflation and a slowing jobs market helped boost gold despite this positive data. Stocks rallied too, and are poised to notch their best week of 2024, up about 4% heading into the close.