Gold hits a new record high

Gold recorded its highest level in more than four months, benefiting from increased bets that the US Federal Reserve (the central bank) will cut interest rates this month, while silver rose above $40 an ounce for the first time in more than a decade.

Spot gold rose 0.8% to $3,475.72, its highest level since April 23. US gold futures for December delivery climbed 0.9% to $3,546.10.