Gold prices soared to a record high, hitting the crucial $3,500 mark on Tuesday, as concerns over U.S. President Donald Trump's criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion.

President Donald Trump said last Thursday that Federal Reserve Chair Jerome Powell's "termination cannot come fast enough."

Gold futures rallied above the $3,400/oz threshold for the first time Monday, marking the seventh session in the past nine that the front-month contract has closed higher, driven by continued uncertainty over the economic impact of U.