Gold’s relentless rally got an added jolt this week from the Federal Reserve’s long-awaited interest-rate cut, but some analysts are beginning to wonder if the pool of potential buyers could begin to run dry.

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.

A months-long surge that has seen gold break successive records is drawing in more followers, as interest in physically backed exchange-traded funds gathers pace and more buyers seek to hedge against macroeconomic and geopolitical uncertainties.

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