The price of gold hit a record high on Tuesday, reaching $2,521.51 per ounce (31.1 grammes).
The price climb has been months in the making, driven primarily by geopolitical tensions encouraging investors to seek refuge in safe assets, a category that includes gold.
A key factor influencing the price increase has been the outlook from the US Central Bank, whose director, Jerome Powell, is expected to make an announcement on Friday.
Investors are eagerly awaiting clarification on a potential drop in interest rates. This plays a significant role in the valuation of gold, as falling rates make the precious metal a more appealing investment prospect.
The price of gold has already increased by over 20% this year.
