Gold shot to a record high and stocks were subdued on Tuesday as investors braced for further shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.

Up 44% over the last year, gold has been by far the best-performer across a basket of 12 leading global asset classes over the period, according to the BlackRock Investment Institute, most notably trouncing the 22% return for the S&P 500 over the last year, including reinvested dividends.

Gold surged past $2,900 per ounce and aluminum, iron ore, copper and silver futures rose after President Donald Trump said he'd target metal imports.