Bullion for immediate delivery hit a fresh record as Asia markets opened, climbing 0.4% to hit US$3,546.96 an ounce.

Prices have risen 5% over the last six days, with traders nervous over the US Federal Reserve’s future after President Donald Trump attempted to fire Reserve governor Lisa Cook.

“President Trump’s return to the White House may have altered investor preference of safe havens,” said Carol Kong of the Commonwealth Bank of Australia.

“Gold outperformed, gaining more than 30% year‑to‑date. The risk is the USD further loses its safe haven appeal if President Trump continues to undermine the independence of key US institutions, particularly the Federal Reserve,” Kong said.

Stephen Innes of SPI Asset Management said bullion had become a “last resort” as bonds and equities stumbled.

“The dollar’s ascent tightens global financial conditions just as tariff skirmishes in tech and chips resurface, ensuring Asia can’t trade in isolation.”

Meanwhile Tokyo stocks were dogged by political uncertainty at home, falling at the open after the number two in Japan’s ruling party offered to quit on Tuesday over July’s disastrous upper house election.

The broader Topix Index fell 0.5% to 3,067.11, with the Nikkei 225 down 0.3% to 42,165.54 as trade opened.

“Traders are seeing uncertainty building around the political outlook for Japan, which is jacking up volatility,” Anna Wu, cross-asset investment strategist at VanEck in Sydney, told Bloomberg.