It was the Queen's first visit to the course in more than 50 years

She unveiled a bronze bust of the Queen Mother, commissioned after racegoers were asked how they would best like to remember her.

Before the unveiling, racecourse chairman Lord Vestey said the Queen Mother had a close association over many years with the course.

"The Queen Mother's love of Cheltenham touched the lives of many people in moments of victory and also disappointment," he said.

The Queen arrived at the festival by helicopter and stood in the Royal Box for the National Anthem and raising of the Royal Standard.

The Queen unveiled a bronze bust of her mother

A large crowd applauded as the Queen, smiling and seeming relaxed, walked to the Parade Ring and Winners' Enclosure, where the bust was unveiled.

She also met previous Gold Cup winners including Desert Orchid, which won the race in 1989.

The last time the Queen visited Cheltenham was in 1951 when, as Princess Elizabeth, she attended with her mother.

The Queen Mother regularly attended the festival, which hosts the Queen Mother Champion Chase in her honour.

Racecourse managing director Edward Gillespie said: "Following the death of the Queen Mother, we invited people to suggest how best they would like Cheltenham to remember her.

"Far and away the most popular idea was for there to be a statue and we are enormously grateful to the Duke of Devonshire for allowing Angela Conner to work on this project."