The price of gold reached $4,000 an ounce for the first time ever

Gold prices hit $4,000 for the first time Tuesday as investors seek a safe haven from global volatility.  

Gold futures were last trading at $4,005.80 per ounce. Prices have gained more than 50% this year as President Donald Trump upends the global trade system and threatens the independence of the Federal Reserve.

Central banks and retail investors are buying gold at a strong clip. Governments are trying to hedge against the risk of U.S. sanctions and consumers are looking for assets to protect against stubborn inflation.

Bank of America urged investors on Monday to approach gold cautiously as prices were heading toward $4,000. BofA warned clients that gold faces “uptrend exhaustion,” which could lead to “a consolidation or correction” in the fourth quarter.

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