Gold hits record high above US$3,500

Gold prices continued to climb during Asian trading hours, with spot gold breaking through the US$3,500 (HK$27,300) per ounce mark to set a new record.

It was supported by a weaker dollar and growing expectations for a U.S. interest rate cut this month.

It was recently quoted at US$3,504, up more than 0.8 percent. So far this year, gold has accumulated a gain of over 30 percent.

The December contract for New York futures gold rose to above US$3,568, also setting a fresh all-time high, with an increase of about 1.5 percent.

STAFF REPORTER AND REUTERS