The price of gold powered above $3,000 overnight and continued surging to new records on Tuesday morning to $3,025.
Renewed tensions in the Middle East were cited by traders as the reason for the new round of buying, with military strikes re-started in Gaza and following US strikes on Houthi rebels over the weekend.
After popping momentarily above $3,000 on Friday and on Monday afternoon, the price found strong momentum in the US trading session and again in morning trading in Europe.
"In the current environment, every day seems to offer a new catalyst for the gold price," says Kathleen Brooks, research director at XTB.
Oil prices also headed higher, with Brent crude up 0.8% on Tuesday to a two-week high just under $72.
"While geopolitical tensions can put upward pressure on the oil price, Israel and Gaza are not oil-producing nations, so the impact tends to be short-lived," Brooks added.
"The gold price is not hindered by these concerns, and growth fears are fuelling the price surge of the yellow metal.
"In uncertain times, central banks and individuals demand gold, while inflation concerns emanating from President Trump’s tariffs and trade war are also boosting the price of gold."
Neil Wilson, market analyst at TipRanks, said gold buying also comes amid higher US inflation and lower growth, with lower expected interest rates meaning lower real yields and a weaker US dollar, "which along with a big chunk of geopolitical tensions is ripe for gold bulls".
"Throw in tariffs and the way in which Trump is (apparently) tearing apart assumptions about just about everything, from DOGE to Greenland, and the uncertainty that markets so loathe is going to be good for gold.
"Gold may face some consolidation because the move has been very rapid, but the trend is still the friend," Wilson said.
While gold miners have generally not followed the gold price too closely so far this year, FTSE 100-listed Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) was one of the top risers on Tuesday morning and has risen by over 7% in the past week.