Gold edged higher on a weaker dollar as traders weighed risks to global trade after President-elect Donald Trump denied reports that he might moderate his broad tariff plans.
Bullion traded above $2,640 an ounce, after ending lower in the previous two sessions.
Uncertainty about the much-anticipated U.S. move helped lift the 10-year Treasury yield to its highest since May on Monday, while the dollar fell.
The precious metal typically faces headwinds from higher yields but support from a weaker U.S. currency.
"Gold is seen consolidating in a range, but is likely to trade with a positive bias on safe-haven buying," Pranav Mer, an analyst at JM Financial Services Ltd. in Mumbai, said in a note.
Earlier Tuesday, China's central bank released figures showing it expanded its gold reserves for a second month in December, signaling renewed interest after halting purchases last year as prices surged.
The People's Bank of China has been a major buyer of bullion in recent years. Its gold reserves stood at 73.29 million troy ounces in December, up more than 300,000 troy ounces from the previous month.
Bullion surged 27% last year to a record high, fueled in part by U.S. monetary easing, though the rally lost momentum after Trump's election victory boosted the dollar.
Investors now face less impressive gains this year, with Goldman Sachs Group Inc. pushing back its $3,000 target for gold to mid-2026 on expectations of fewer Federal Reserve interest rate cuts.
Against that backdrop, bullish bets by hedge funds fell to a six-month low, according to Commodity Futures Trading Commission data.
Spot gold rose 0.3% to $2,645.27 an ounce as of 11:13 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver, platinum and palladium advanced.
The U.S. jobs report, due Friday, is expected to show a moderate but healthy labor market. The data is unlikely to change views that the Fed will take a more cautious approach to cutting interest rates in 2025 amid renewed concerns about inflation. Minutes of the Fed's December meeting are also due this week. Source: Bloomberg
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