Doha: Gold prices hit a record high of 3,500 on Tuesday as concerns over US President Donald Trump's criticism of Federal Reserve Chair Jerome Powell dampened risk sentiment and drove investors towards safe-haven bullion. Spot gold was up 2.2% at 3,493.41 an ounce, after touching a record high of 3,500.05 per ounce earlier in the session. US gold futures firmed 2.3% to 3,502.40.

According to Qatar News Agency, gold, viewed as a safe-haven asset amid economic uncertainties, has risen nearly 33% so far this year. Markets are eagerly anticipating speeches from several Fed officials later this week, hoping for insights into future monetary policy amid concerns about the central bank's independence.

Meanwhile, spot silver rose 0.3% to 32.80 an ounce, platinum gained 1.1% to 972.20, while palladium was up 2.2% at 948.14.