Gold prices broke $1,400 an ounce to hit a near-six-year high today 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.

This sent the dollar tumbling across the board and made 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% in June and an ounce cost $1,411 in Asian trade, its highest since September 2013. 

Gold prices hit a record high above $1,900 in 2011 during the euro zone 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 to holders of other currencies.