Gold prices shot to a record high on Monday as investors grew increasingly optimistic that the US Federal Reserve will continue to cut interest rates through next year.

The precious metal hit a peak of $4,383.76 in early trade as a string of data last week pointing to further weakness in the US labour market and easing inflation gave the central bank room to ease monetary policy further.

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Monday’s gain pushed the commodity past its previous high of $4,381.52, touched in October.

AFP

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