Gold prices have climbed to a six-month high as traders bet that interest rates have peaked.

The safe-haven asset has climbed to $2,009 an ounce and briefly hit a six-month top of $2,017.82.

It comes as money markets expect that interest rates will not move higher in the US, where the Federal Reserve has put borrowing costs between 5.25pc and 5.5pc.

Traders also think rates will not move higher than the 15-year highs of 5.25pc in the UK or the record 4pc in the eurozone.

The rise in gold also comes as the dollar has weakened, turning investors toward safe-haven assets that will keep their value.

The global reserve currency has slumped 3.8pc against the pound over the last month to be worth 79p.

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