Gold price crosses $4,100 mark

Gold prices climbed to a record high above $4,100 on Tuesday, Reuters writes.

Spot gold rose 1.7% to a record high of $4,179.48 per ounce, as of 0521 GMT.

As noted, gold has surged 57% year-to-date.

The new record price of the precious metal is due to the prospect of a rate cut by the U.S. Federal Reserve, as well as a new wave of tensions in U.S.-China trade relations.