ISTANBUL 

The price of gold rose by 0.7% on Monday, hitting a historic high of $3,719.95 as of 0630GMT as markets expect more rate cuts from the Fed.

The price of gold hovered between $2,536.91-$3,719.95 during the last year. It gained 40.7% over the last 12 months.

Following US President Donald Trump's insistence, the Fed cut its policy rate by 25 basis points last week.

For the Fed's October and December meetings, markets expect new rate cuts.

Weak inflation figures and increasing unemployment data, as well as Trump, push the Fed to lower rates.