The Bullion reached record highs on Tuesday while European shares slumped to new lows as investors fear a second banking crisis in Europe.

Gold, traditionally seen as a safe haven in times of economic uncertainty, soared to new highs of $1919 in early trading. In comparison European equities slumped four percent while the yield for benchmark ten year bonds fell by 1.85 percent. The euro dropped to a one month low against the dollar as slowing growth and high government debts continue to steer investors towards bullion.

All eyes will be on the US’s ISM services data, expected on Tuesday, which is forecast to drop to 51.1 from last month’s 52.7.