The price of gold is at a record high. Here’s why

NEW YORK (AP) — The price of gold hit an all time high this week. The spot price for gold closed Tuesday above $2,514 per Troy ounce. That would make a gold bar or brick weighing 400 Troy ounces worth more than $1 million. Interest in buying gold often comes at times of uncertainty — with potential concerns around inflation and the strength of the U.S. dollar, for example, causing some to look for alternative places to park their money. Factors behind the current rally include looming interest rate cuts, ongoing geopolitical risks and rising demand from central banks. But future gains are never promised — and precious metals can be volatile.