Gold prices hit record highs

The price of gold rose 0.7% on Monday, reaching a record high of $3,719.95 as of 06:30 GMT, as markets expect more rate cuts from the Federal Reserve.

The price of gold has fluctuated between $2,536.91 and $3,719.95 over the past year. It has increased by 40.7% over the past 12 months.

At the insistence of US President Donald Trump, the Federal Reserve cut its policy rate by 25 basis points last week, AA reports.

For the Federal Reserve meetings in October and December, markets expect new rate cuts.

Weak inflation figures and rising unemployment data, as well as Trump, are pushing the Federal Reserve to cut rates.