Gold prices hit another record level, up 1.5%

By Gokhan Ergocun

ISTANBUL (AA) - The price of gold rose by 1.49% on Monday, hitting a historic high of $3,819.8 as of 0700GMT.

The price of gold hovered between $2,536.91 and $3,819.8 during the last 12 months; it gained 41.5% over the same period.

Gold prices continued their upward trend, led by geopolitical risk, concerns over the global economy, central banks’ gold demand, and the Fed’s rate cut cycle.

Following US President Donald Trump's insistence, the Fed cut its policy rate by 25 basis points last week.

For the Fed's October and December meetings, markets expect new rate cuts.

Weak inflation figures and increasing unemployment data, as well as Trump, pushed the Fed to lower rates.