New york: The price of gold rose by 0.7% on Monday, reaching a historic high of $3,719.95 as of 0630GMT. This increase comes as markets anticipate further rate cuts from the Federal Reserve.

According to Anadolu Agency, the price of gold fluctuated between $2,536.91 and $3,719.95 over the past year, marking a 40.7% increase in the last 12 months. This surge follows the Federal Reserve's decision to cut its policy rate by 25 basis points last week, a move strongly advocated by US President Donald Trump.

Market expectations are set for additional rate cuts during the Federal Reserve's upcoming October and December meetings. Factors such as weak inflation figures, rising unemployment data, and pressure from President Trump are influencing the Federal Reserve to consider further rate reductions.