Gold prices surged to a historic peak on Tuesday, breaking above the $4,000 per ounce mark for the first time ever, according to trading data.

Spot gold rose 0.4% to $3,974.09 per ounce by 04:46 GMT, after touching an all-time high of $3,977.19 earlier in the session.

U.S. gold futures for December delivery gained 0.5% to $3,996.40, supported by growing investor concerns over a global economic slowdown and increasing expectations of interest rate cuts by the Federal Reserve.