BANGKOK (AP) — The price of gold hit a new record and world shares were mostly lower on Tuesday after U.S. markets were closed for the Labor Day holiday.

The spot price of gold, traditionally a haven for investors in times of uncertainty, climbed as high as $3,578.40 per ounce early Tuesday. That surpassed an intraday record of $3,509.90 an ounce set in April. It later slipped back a bit, gaining 1.1% to $3,549.10 per ounce.

President Donald Trump' s challenges to the U.S. Federal Reserve and other institutions have shaken faith in the U.S. dollar, prompting a shift into other investment options such as gold and silver , analysts say.

The price of silver was up 1.8% at $41.46 an ounce on Tuesday, surpassing $40 an ounce for the first time since 2011.

“That’s not just a price tick

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