Gold futures set a fresh record high as concerns around the U.S. Federal Reserve’s independence and the global economic outlook intensify, and the bull run looks set to continue.

Continuous gold futures on the New York Mercantile Exchange were up 1.2% to $3,467.0 a troy ounce in European midday trading, having reached as high as $3,509.90 earlier in the session–the first time gold futures have ever exceeded the $3,500 mark.