Gold prices hit a record $3,532 per troy ounce on Tuesday, extending a rally that has boosted them more than 90% since late 2022. Demand is expected to remain robust for some time due to a mix of factors.

Central bank purchases and strong investment demand, visible in inflows into physically backed gold exchange-traded funds, are the main drivers, fuelled by U.S. President Donald Trump's upending of Western security policy, his trade wars with other countries and concerns about the independence of the U.S. Federal Reserve.