Gold hit a new all-time high above three thousand dollars on Tuesday, with investors seeking the metal as a safe haven from risk in the face of escalating Middle East conflict, and as U.S. President Donald Trump presses ahead with his tariff plans.

Prices topped three thousand dollars for the first time on March 14. U.S. gold futures rose 0.9 percent to $3,322 as a perfect storm of factors appearing supportive of gold, as acknowledged by Saxo Bank’s chief commodity strategist, Ole Hansen.

Bullion, which is considered a hedge against geopolitical and economic instability, gained more than 14 percent so far this year.

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