Amidst the demand for safe havens, gold reaches a new record high

Gold prices rose and reached an unprecedented level in early Asian trading today, supported by demand for it as a safe haven and increasing expectations that the Federal Reserve (US central bank) will reduce interest rates.

Gold rose in instant transactions by 0.5 percent to $4,501.44 per ounce by 02:09 GMT, after hitting a record level of $4,530.60 earlier in the session.