Gold rose above $2,930 an ounce on Tuesday, marking a second session of gains and approaching a record high of $2,940 hit last week as uncertainty over U.S. tariffs continued to fuel demand for the safe-haven asset. Since taking office, Trump has imposed 10% tariffs on Chinese imports, announced but then delayed 25% tariffs on Mexican goods and non-energy imports from Canada, scheduled 25% tariffs on imported steel and aluminum, and is preparing reciprocal tariffs on any country that taxes U.S. imports.

However, hawkish remarks from Federal Reserve officials capped further gains. Fed Governor Bowman reiterated his cautious stance against further interest rate cuts in the face of persistent inflation. Similarly, Fed Governor Waller favored holding off on cutting rates until inflationary pressures eased. Investors are now eagerly awaiting the release of minutes from the Fed's last meeting on Wednesday and are keeping an eye on developments on a possible Russia-Ukraine ceasefire agreement. (Newsmaker23)

Source: Trading Economics