Investors Are Flocking to Gold

The price of gold hit an all time high of $2,513.79 (£1,932.87) per ounce on Tuesday morning as investors hope the US central bank will cut interest rates. The surge in the price of the precious metal, a safe haven asset for investors due to its real-world use cases and widely held intrinsic value, means the gold price has now risen by nearly 22 percent this year alone. It also takes the price of a standard 400 troy ounce bar of gold, which weighs 12.4kg, to $1m (£768.9m) for the first time ever. Growing expectations of a rate cut from…