Fed's balance sheet hits new record high

The US Federal Reserve's (Fed) unprecedented monetary easing continues alongside a resurgence of coronavirus cases worldwide and prospects of an early vaccine rollout. 

The central bank's balance sheet has expanded to a new record high of $7.24 trillion, surpassing the previous high of $7.17 trillion reached in October, according to data source St. Louis Federal Reserve. 

The balance sheet has grown by nearly 80% this year, boosting inflation expectations and putting a strong bid under scarce assets such as gold. The yellow metal is up over 20% this year and clocked a record high of $2,075 in August.