Gold ‍prices rose 1% ‍to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest ​rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high.

Spot gold rose ⁠1% to $4,327.31 per ounce by 1248 GMT, its highest level since October 21, and was set for ⁠a 3.1% weekly ‌gain.

U.S. gold futures gained 1.2% to $4,363.20.

The dollar hovered near a two-month low, and was on track for a third straight weekly drop, making bullion more affordable for ⁠overseas buyers.

"The sharp rise in U.S. weekly jobless claims as well as U.S.-Venezuela tensions are underpinning gold and keeping haven demand strong," said Zain Vawda, analyst at MarketPulse by OANDA.

U.S. jobless claims rose by the most in nearly 4-1/2 years last week, reversing the sharp ⁠drop seen in the previous week.

The ​U.S. Federal Reserve trimmed rates by 25 basis points for the third time this year on Wednesday, but indicated ‍caution on additional cuts.

Investors are currently pricing in two rate cuts next year, and next week's U.S. non-farm payrolls report could ​provide further clues on the Fed's future policy path.

Non-yielding assets such as gold tend to benefit in low-interest-rate environment.

On the geopolitical front, the U.S. is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week.

Meanwhile, India saw widening gold discounts this week as demand remained subdued despite the wedding season, while high spot prices dented demand in China.

Spot silver rose 0.8% to $64.09 per ounce, after hitting a new record high of $64.56/oz, and is headed for a 10% weekly gain.

Prices have more than doubled this year, supported by strong industrial demand, dwindling inventories and ⁠its inclusion on the U.S. critical minerals list.

"Silver is supported ‌by industrial demand amid fears of shortages, a continued tight market, and the speculative frenzy, mostly from retail investors which has helped drive inflows to Silver ETFs," said Ole Hansen, head of ‌commodity strategy at Saxo ⁠Bank.

Elsewhere, platinum was up 3.2% at $1,750.35, while palladium climbed 2.6% to $1,523.10. Both were headed for a weekly rise.

(Reporting ⁠by Pablo Sinha in Bengaluru; Editing by Harikrishnan Nair and Sahal Muhammed)