Gold hit a record high of $3,833.37 on Monday as investors moved into the metal amid U.S. rate cut hopes

Gold ripped through yet another all-time high on Monday, surging past $3,800 for the first time ever as traders piled into the metal. Prices touched $3,833 during the trading session before easing slightly, while spot levels held at $3,829, up by 1.9% and US futures for December closed at $3,855.20, a gain of 1.2%, according to data from CNBC.