The photo has been used for illustrative purposes.
Gold prices broke $1,400 an ounce to hit a near-six-year high on Friday as the weaker dollar, economic concerns and geopolitical tensions saw investors pile into the safe-haven commodity.
Demand surged after the Federal Reserve on Wednesday indicated it would likely cut interest rates soon — for the first time in a decade — which sent the dollar tumbling across the board and making it cheaper to buy the yellow metal.
The announcement came as central banks around the world adopt a more dovish stance in the face of a stuttering global economy and as investors fret over the trade outlook with the US and China embroiled in a long-running trade war.
It also coincided with news that Iran had shot down a US "spy drone", which it said was in its airspace, ratcheting up a standoff with Washington and fuelling concerns of a conflict between the old enemies.
Gold prices have surged around 10 per cent in June and an ounce cost $1,411 in Asian trade, its highest since September 2013.
"Toppling bond yields have historically been significant indicators for the pulse of the markets," said Stephen Innes, managing partner at Vanguard Markets.
"Falling yields continue flashing red with recessionary concerns, while the strengthening yen is a harbinger of market worries, suggesting that haven demand is loading up on risk premiums as the potential for geopolitical trouble mounts."
Gold prices hit a record high above $1,900 in 2011 during the eurozone debt crisis.
However, it began falling two years later when the Federal Reserve indicated it would begin winding down its huge bond-buying stimulus programme put in place to weather the global financial crisis. The move to tighten monetary policy saw the dollar strengthen, making gold more expensive.
"The past seven years of hawkish promises about higher rates and central bank balance sheet unwinding was, as gold investors warned, a blip in the trend of monetary policy that is loose, looser and looser still," said Ned Naylor-Leylan of Merian Global Investors.
Domestic gold prices in India jumped to a record following an unexpected increase in import duty in the country’s budget, hitting demand and forcing dealers to offer the highest discount in nearly three years.
Trade anxiety and escalating tensions between the United States and Iran sent gold soaring to a six-year high on Tuesday, and saw traders dive back into safe-harbour government bonds and the yen and Swiss franc at the expense of the dollar.
Gold prices rose on Monday to their highest in more than two months as heightened Sino-US trade tensions and Washington's threat of tariffs on Mexico stoked worries of a global recession and drove
Polls opened on Saturday in Malaysia’s eastern Sabah state in a vote seen as a referendum for embattled Prime Minister Muhyiddin Yassin’s 7-month-old unelected government.
New Zealand reported two new coronavirus cases on Saturday -- one in managed isolation and the other detected during contact tracing, taking the overall tally to 1,475, according to the Ministry of Health.
Togolese Prime Minister Komi Selom Klassou and his government tendered their resignation on Friday, the presidency said in a statement, congratulating the Cabinet for its work in office.
South Korea said on Saturday it will request North Korea to further investigate the killing of a South Korean government official who was shot by North Korean troops after being found adrift near the rivals’ disputed sea boundary while apparently trying to defect.