The price of gold has vaulted past the $3,500 mark for the first time in history, setting a new record on global markets.

Gold futures on the Chicago Mercantile Exchange reached over $3,508 per ounce amid ongoing instability in the global economy and heightened geopolitical tensions.

Analysts say the rise in demand for the precious metal is also being driven by speculation that the U.S. Federal Reserve could lower interest rates in the coming months.