Wall Street shares were lower early Tuesday as the price of gold hit a new record, the Associated Press reports.
The spot price of gold, historically a haven for investors in uncertain times, rose as high as $3,578.40 per ounce early Tuesday, surpassing an intraday record of $3,509.90 per ounce set in April.
Analysts say that President Donald Trump’s challenges to the U.S. Federal Reserve and other institutions have shaken confidence in the U.S. dollar and prompted a shift into other investment options like gold and silver.
Investors are also focused on a key ruling that came from the U.S. Court of Appeals, which on Friday said that Trump went too far when he declared national emergencies to justify imposing sharply higher import taxes on almost every country on earth.
Updates are due this week on durable goods orders, manufacturing, jobless claims and other data that may offer insights into how the economy is holding up under the higher tariffs.
In other dealings Tuesday, U.S. benchmark crude oil added $1.86 to $65.87 per barrel. Brent crude, the international standard, gained $1.22 to $69.37 per barrel.
