Mumbai, September 30 (IANS): 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 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. Recent economic data has bolstered expectations for additional easing by the Federal Reserve. Traders are pricing in an 89 per cent likelihood of a 25-basis-point cut at the upcoming Federal Reserve meeting, as reported by CME Group’s FedWatch tool.