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After moving sharply higher over the two previous sessions, the price of gold showed another substantial move to the upside during trading on Tuesday.
Gold for May delivery soared $100.10 or 3.0 percent to $3,411.40 an ounce after spiking $101.30 or 3.2 percent over the course of last Friday and Monday's sessions.
With the continued surge, the price of the precious metal more than offset the weakness seen in the middle of last week, reaching a new record closing high.
The sharp increase by gold futures was partly attributed to renewed buying from China following the Labour Day holiday, which ran from May 1st through 5th.
Gold futures also benefitted from continued weakness in the value of the U.S. dollar, with the U.S. dollar index falling by 0.5 percent.
Ongoing trade uncertainty may also have contributed to gold's safe haven appeal, as a lack of any concrete developments from trade talks has kept investors on edge.
In trade-related economic news, the Commerce Department released a report this morning showing the U.S. trade deficit spiked by much more than expected in the month of March.
The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
Economists had expected the trade deficit to widen to $129.0 billion from the $122.7 billion originally reported for the previous month.
The much bigger than expected trade deficit came as the value of imports surged by 4.4 percent to $419.0 billion, while the value of exports crept up by 0.2 percent to $278.5 billion.
