Global investors are keeping a close watch on newly inflamed U.S.-China tensions, fearing a resurgence of damaging trade conflicts. Despite these concerns, markets have managed intermittent rebounds, and gold continues its ascent to record highs.

Gold made history by breaking above $3,500, giving investors a glimmer of optimism on an otherwise turbulent day for global markets. Stocks tumbled, oil fluctuated, and political remarks added to the uncertainty as traders navigated a risk-off environment.