Gold Shatters New Record High

The price of gold surged in the early Asian markets on Tuesday, reaching a new record high of $3501.59 per ounce. This surpasses its previous record from April, when it hit $3500.10 per ounce.

Investors are flocking to gold as a safe haven instead of the dollar, amid growing expectations that the U.S. central bank will cut interest rates in September.

For other precious metals, silver in spot trading fell 1.5 percent to $40.61 per ounce, after hitting its highest level since September 2011 in the prior session.

Meanwhile, platinum rose by 1.6 percent to $1417.16, while palladium decreased by 0.9 percent to $1126.63.