Key Takeaways Gold futures rose to a record high of more than $3,350 an ounce on Wednesday as stocks sold off after chip giant Nvidia warned its earnings would take a $5 billion hit from escalating tensions between the U.

Gold prices have increased exponentially over the last couple of years, but in recent weeks, things have been a bit more volatile. Case in point: In early April, gold was averaging around $3,140 per ounce.

Gold prices pierced the $3,300 an ounce barrier to hit record highs as investors sought a refuge from the turbulence surrounding trade tensions between the United States and China.