Gold prices surged to a record high on Monday, riding on growing expectations of further US interest rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time peak.

Spot gold rose 1.2 per cent to a record $4,391.92 an ounce, while spot silver climbed 2.7opc by 0344GMT to hit a historic high of $69.23.

Bullion has gained 67pc so far this year, shattering multiple records and breaching the $3,000 and

© Dawn Business