Evolution Mining Ltd (EVN.AU) saw its stock price surge by 5.02% in Tuesday's trading session, as gold prices reached a new record high. The surge in the precious metal's value was driven by a combination of factors, including increased safe-haven demand, a weakening dollar, and ongoing uncertainties surrounding US-China trade tensions.

The Australian gold mining sector as a whole experienced significant gains, with the ASX Gold index (.AXGD) climbing as much as 1.64% to a new record high of 12,888.2 points. This marks the seventh consecutive session of growth for the sub-index, which has now risen an impressive 52.6% year-to-date.

Analysts attribute the rally in gold prices to growing economic uncertainties, particularly the potential impact of US-China trade tensions. As investors seek safer assets in times of market volatility, gold's appeal as a haven investment has strengthened. The weakening US dollar has further contributed to the surge in gold prices, making the dollar-denominated metal more attractive to holders of other currencies.