The gold price has hit another record high, trading above $4,400 (£3,275) an ounce for the first time.

The price of the precious metal has risen on expectations the US central bank will cut interest rates further next year, analysts said.

Gold started the year worth $2,600 an ounce, but geopolitical tensions, the Trump tariffs and expectations of rate cuts have added to investor demand for safe haven assets, such as gold and other commodities.

The prices of other precious metals also rose on Monday, with silver hitting a record high as well.

The gold price has risen more than 68% this year, the highest increase since 1979, according to Adrian Ash, director of research at gold bullion marketplace BullionVault.

2025 has seen “slow-burning trends around interest rates, around war and trade tensions”, Mr Ash said, which have helped to push up the price of gold.

“The precious metals market says that President Trump has really triggered something – and gold has gone crazy this year.

“You’ve got the trade war, the attacks on the US Federal Reserve and you’ve got geopolitical tensions, all of those provocations come from Trump,” he said.

After passing the $4,400 an ounce mark on Monday, the spot price of gold hit a high of $4,426.66.

Lower interest rate expectations typically mean lower returns for investments such as bonds, so investors look to commodities such as gold and silver to get a return, but also diversify their portfolios.

Source: bbc