Gold hit a new record on Tuesday, surpassing $3,800 in intraday trading. Gold futures rose 0.8% to trade near $3,805 per troy ounce, with bullion for immediate delivery near $3,780 per ounce. Wall Street analysts predict further upside for gold, with Goldman Sachs forecasting $4,000 by next year and UBS predicting $3,900. Inflows into physically backed ETFs are at a three-year high, and central banks continue to accumulate gold. The rally is fueled by a declining dollar index and expectations of more Federal Reserve rate cuts. Gold is up over 40% year to date, causing a short squeeze for investors betting against it.

Read more at Yahoo Finance: Gold surges to new high as Wall Street predicts precious metal has room to run