HONG KONG, Sept 2 — Gold prices hit a record high above US$3,500 (RM14,800) on Tuesday, as investors sought out safe havens in the face of global economic uncertainty.

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

The run in gold prices comes as investors weigh up a weakened US dollar and the prospect of rate cuts by the Federal Reserve.

Wall Street retreated from record highs Friday as a key US inflation reading accelerated, giving the Fed less room to manoeuvre at the same time concerns mount over its independence.

Wall Street was shut Monday for Labor Day, while the dollar traded mixed against main rivals.

Trump said last month he would fire Federal Reserve governor Lisa Cook if she did not resign, after he excoriated her over claims of mortgage fraud.

The record also came after a US appeals court ruled that many of Donald Trump’s tariffs, which have upended global trade, were illegal.

But it allowed the measures to remain in place for now, giving the US president time to take the fight to the Supreme Court. — AFP