Gold hit a record high Tuesday as a weaker dollar and expectations of a US interest rate cut made the safe haven an attractive investment.

Stocks, meanwhile, were mixed as investors awaited fresh direction from Wall Street after it was closed on Monday for Labor Day.

Gold reached $3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April.

“The rally reflects a softer dollar but also strong central-bank and institutional demand as investors rotate out of US Treasuries,” said Ipek Ozkardeskaya at Swissquote Bank.

“The share of US Treasuries held by foreign central banks has been declining for over a decade, but that shift into gold accelerated this year amid US debt concerns, ratings downgrades, trade tensions and geopolitical risks,” she said

See Full Page