The price of an ounce of gold surpassed the $3,500 mark on Tuesday for the first time in history, driven by the trade war and tensions between Donald Trump and the Fed chairman, which caused Wall Street to drop.

The ounce of gold was at $3,467.87 at 7:30 a.m. GMT, after earlier reaching a record high of $3,500.10.

Gold is benefiting from stock market nervousness, particularly on Wall Street, weighed down by Trump's multiple attacks on the head of the Federal Reserve and by persistent uncertainties regarding the trade war. A new sign of escalation between Beijing and Washington: China reaffirmed its firm opposition Tuesday to any agreement signed between the U.S. and other countries that would be detrimental to it. Additionally, with Tuesday's upcoming release of the International Monetary Fund's new economic forecasts, investors remain attentive to the initial concrete repercussions of the trade war.

Seen as a safe haven in the commercial turmoil triggered by Trump in early April, investors have been flocking to gold for weeks, as tariffs can have an inflationary effect, which decreases the value of the dollar, against which gold provides a hedge.

Coveted for its use in jewelry, industry, or simply as a reserve asset, gold retains its intrinsic value, although it does not yield interest.