Gold hits new record

Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further U.S. rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high, Reuters writes.

Spot gold was up 1.4% at $4,397.16 per ounce, as of 0502 GMT, after breaking the $4,400 barrier to hit a record high of $4,400.29 earlier in the day. Spot silver climbed 3.3% to hit a historic high of $69.44.

Traditionally viewed as a safe-haven asset, gold has been supported by heightened geopolitical and trade tensions, steady central bank buying and expectations of lower interest rates next year.