Gold price exceeds $4.300 an ounce for the first time

Gold, breaking new records day after day, crossed another important threshold by reaching $4,320 on Thursday.

Gold prices rose sharply amid growing expectations for additional interest rate cuts in the US and growing concerns over US-China trade relations.

The price of gold rose 2.7% to $4,322 an ounce as of 20:48 GMT, while gaining about 58% on a yearly basis, AA writes.

Silver prices rose 2.26% to $54.20, which is a historically high level.

The price of silver rose by about 67% over the past 12 months.

Market expectations for a new rate cut by the Federal Reserve, ongoing trade tensions in the world, especially between the US and China, and regional developments are driving gold's rise.

Another important reason for the increase in the price of gold is the moves by central banks to purchase gold for their reserves.Indeksonline/