Gold set a new all-time record on Tuesday, as futures crossed the $4,000 per ounce mark for the first time. Sharp volatility in global markets and growing geopolitical concerns are pushing investors toward safer havens.

Gold prices have rallied more than 50% since the start of the year as US President Donald Trump has caused turmoil in the global trading system and questioned the independence of the US Federal Reserve.

The precious metal’s bullishness is being underpinned by strong buying by central banks and private investors, who are increasing their holdings amid concerns about global growth and inflation.