Mumbai, Sep 30: The price of gold reached a record high on Tuesday, on track for its largest monthly surge in 14 years amid concerns over a potential US government shutdown and rising expectations for further Federal Reserve rate cuts.

The price of yellow metal has risen 11.4 per cent so far in September, on track for its best month since August 2011 when it rose 15 per cent boosted by safe haven demand.

The price of 24-carat gold (10 gram) rose to a new high of Rs 1,15,450 on Tuesday, according to data published by the India Bullion and Jewellers Association (IBJA).

US gold futures for December delivery rose 0.4 per cent to $3,872. US President Donald Trump and his Democratic opponents appeared to make little progress at a White House meeting aimed at heading off a government shutdown

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