The price of gold has extended its fierce rally and hit a fresh high as investors flocked to the safe haven asset amid expectations of further interest rate cuts from central banks, uncertainty over the US election result and tensions in the Middle East.
Bullion rose to a record of almost $2,733 a troy ounce after breaking through the $2,700 mark on Friday. That has taken the one-year gain in the precious metal to almost 40 per cent, making it one of the best performing asset classes of the past 12 months.
The rise has been driven by expectations of a gradual fall in interest rates, with investors pricing in a 99 per cent chance of a rate cut by the Federal Reserve at its