Gold price hits record high of $4,383.76 on US rate cut bets

Gold prices shot to a record high on Monday as investors grow increasingly optimistic 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.

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