Gold price at new record high

The price of gold hit a new record high, driven up by a weaker US dollar and continuing tensions in the Middle East and North Africa.

Spot gold rose as high as $1,513.70 (£917.60) an ounce in early Asian trade on Monday, before retreating.

Investors have been buying the precious metal as a safe haven investment to guard against inflation and recent geopolitical turmoil.

Dealers say gold could even trade as high as $1,520 an ounce.