Gold hit a record $3,500 per ounce for the first time early Tuesday as President Donald Trump's renewed attacks on 澳洲幸运5官方开奖结果体彩网:Federal Reserve Chair Jerom﷽e Powell unnerved markets and sent investors into 澳洲幸运5官方开奖结果体彩网:safe-haven assets.

Gold futures, which are currently trading at $3,470 per ounce, have closed at record highs 澳洲幸运5官方开奖结果体彩网:more than 20 times this year as investors have been rattled by Trump's unpredictable trade policies. Trump's attacks on Powell have been viewed as threatening the Fed's 澳洲幸运5官方开奖结果体彩网:independence, a linchpin of the global economy.

At the $3,500 level, gold has already surpassed 12-month targets set by many Wall Street banks, according to a Reuters collation of projections. UBS has a $3,500 price target for gold, but has noted that Chinese buying could boost the precious metal's price. China this year allowed its top insurers to start buying gold.

Adding to the buying in gold is the weakening U.S. dollar. Gold is priced in dollars, which means that a falling greenback buoys the precious metal. The 澳洲幸运5官方开奖结果体彩网:U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was at 98.38 early Tuesday, down from 99.38 at the end of last week.