Gold prices hit a fresh intraday record Monday, as skittish investors seek refuge from hard-hit equity and bond markets.

Gold futures gained over 2% from Thursday’s settling price to breach $3,400 for the first time.

Last Wednesday, gold notched its biggest daily gain since April 2020 during the Covid market meltdown.

Gold futures have climbed almost 30% since the start of the year, while the S&P 500 index has fallen 10%, driven down by concerns over President Trump’s tariffs.

Gold often rises when the dollar weakens. That’s because gold is priced in dollars, making it cheaper for holders of now-stronger overseas currencies.