Gold, traditionally perceived as a haven, has climbed roughly 30% this year, outperforming the benchmark S&P 500 index’s 20% gain. That has in part been driven by a jump in demand from central banks including in China, Turkey and India, who have added to their gold piles this year to diversify away from the US dollar.

Gold prices steadied on Tuesday after hitting a record high on expectations for a further easing of U.S. monetary policy and as tensions in the Middle East escalate. Spot gold was little changed at $2,