(Reuters) - Gold prices hit a record high on Thursday, and logged their best month in over three years, propelled by U.S. interest rate cut expectations and strong safe-haven demand. Spot gold gained 1.2% to $2,220.85 per ounce as of 1:50 p.m. EDT (1750 GMT), logging its best month since July 2020, at a 9% increase, and a second straight quarterly rise. Bullion hit a record high of $2,225.09 per ounce earlier in the session.