As of 06:02 GMT, the price of the June gold futures on the New York Comex exchange increased by $35.2 to $2,452.6 per troy ounce. Earlier it hit the record $2,454.1 per troy ounce.
Numerous factors affect the price of gold, such as interest rates, inflation, the US dollar exchange rate, bank demand, investment demand, and geopolitical conditions.
Back in December last year, according to the gold price tracking website Goldprice, spot gold prices on the COMEX in New York increased to a record $2,074 an ounce, surpassing the previous all-time high of $2,072 set in 2020.
In 20 years, the price of the metal has risen by over 408%, or $1,638 per ounce.