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Gold prices jumped over 1 percent on Tuesday to hit a more than six-year high as fears of a drawn-out global trade war, protests in Hong Kong, political uncertainty in Italy and a crash in the peso sent investors scrambling for safe-haven assets.

Spot gold jumped 1.4 percent to $1,531.92 an ounce while U.S. gold futures were up as much as 1.7 percent at $1,542.70 an ounce.

The Italian Senate is meeting today to set a crucial date for a no-confidence vote that could spell the end of Prime Minister Giuseppe Conte's populist government.

Fears of a full-blown financial crisis in Argentina have once again come rushing to the fore after a plunge in Argentine assets in the wake of President Mauricio Macri's stunning rout in primary elections over the weekend.

China has warned of potential terrorism arising from increasingly violent protests in Hong Kong as the situation gets worse and worse.

Operations resumed at Hong Kong airport on Tuesday morning, a day after a pro-democracy protest brought the air transport hub to a complete standstill.