Gold Price Hits 3,500 First Time Ever

Gold reached 3,500 an ounce for the first time Tuesday, as US President Donald Trumps tariffs and verbal attack against the Federal Reserve sent investors snapping up the safe haven asset.

The precious metal reached an all-time high 3,500.10 an ounce before pulling back to 3,467.87.

Gold has hit a series of record highs in recent weeks as investors seek refuge amid a weakening dollar and following sharp losses across stock markets.

Trumps tariffs have sparked a trade war with China, the worlds second biggest economy after the United States. Gold is up more than 30 percent since the start of the year.

The rally reflects ongoing recession fears in the US economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell, noted Rania Gule, senior market analyst at trading group XS.com.