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.

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.

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.