Gold futures reached their record level on Tuesday as investors are shifting to safe haven status of the precious metal due to uncertainty over US economy.

Gold futures contract for December delivery gained 1.4 percent or $22.80 on Tuesday to settle at $1,644.50 per ounce on Comex trading or New York Mercantile Exchange. The respective contract reached its intraday high of $1,647.80 per ounce which happens to be a new intraday record by FactSet Research.

Investors were mainly disappointed on latest US economic data. As per latest report of US Commerce Department, consumer spending declined 0.2 percent in the month of June which happens to be the first ever decline in last two years. Personal incomes also increased to 0.1 percent which also happens to be lowest gain since last November.

Analysts from Commerzbank commented, “The U.S., the world’s largest economy, is evidently facing not only enormous debts but also economic stagnation, which will no doubt rekindle speculation about the ultraloose monetary policy … being continued, In this climate, there is still ample support for gold.”

Silver futures contract for September delivery gained 2 percent or $0.78 to $40.09 per ounce on Tuesday while Copper futures contract for September delivery declined 0.3 percent or $0.02 to $4.40 per pound.

Platinum futures contract for October delivery declined 0.1 percent or $1.10 to $1,739.50 per ounce while palladium futures contract for September delivery fell 0.3 percent or $2.60 to $826.90 per ounce.