In this paper we construct a new basis for the cyclotomic completion of the
center of the quantum $\mathfrak{gl}_N$ in terms of the interpolation Macdonald
polynomials. Then we use a result of Okounkov to provide a dual basis with
respect to the quantum Killing form (or Hopf pairing). The main applications
are: 1) cyclotomic expansions for the $\mathfrak{gl}_N$ Reshetikhin--Turaev
link invariants and the universal $\mathfrak{gl}_N$ knot invariant; 2) an
explicit construction of the unified $\mathfrak{gl}_N$ invariants for integral
homology 3-spheres using universal Kirby colors. These results generalize those
of Habiro for $\mathfrak{sl}_2$. In addition, we give a simple proof of the
fact that the universal $\mathfrak{gl}_N$ invariant of any evenly framed link
and the universal $\mathfrak{sl}_N$ invariant of any $0$-framed algebraically
split link are $\Gamma$-invariant, where $\Gamma=Y/2Y$ with the root lattice
$Y$.