Another day, another record.

So it goes with the price of gold, which Tuesday maintained its new-record-every-day pattern despite a rebound in the stock markets.

In electronic trading on CME Globex the price of gold for August delivery rose $23.60 to $1,732.8 per ounce from Monday's settlement price while the S&P 500 index of large cap stocks gained 25.92, or 2.32 percent, to 1,146.24 in morning trading.

The Dow Jones industrial average gained 105.96 points, or 0.98 percent, to 10,915.81. The Nasdaq Composite Index climbed 36.31 points, or 1.54 percent, to 2,394.

Stocks in Europe and Asia also showed strength as investors moved in to snap up heavily discounted shares of companies with strong balance sheets and big dividends.

Much of gold's recent strength has come at the expense of Wall Street, which suffered its worst day since the fall 2008 financial crisis after Standard & Poor's downgraded long-term U.S. sovereign debt from its AAA level to AA+.

The precious metal climbed more than $100 per ounce in two days as investors sought the safety of the commodity.