Doha: Gold prices gained on Tuesday, buoyed by uncertainty surrounding US President-elect Donald Trump's policy plans and investor positioning ahead of crucial US inflation data that will offer further insights into the Federal Reserve's policy path. Spot gold rose 0.5% to $2,674.26 per ounce. US gold futures gained 0.4% to $2,689.10.
According to Qatar News Agency, gold prices fell about 1% on Monday as robust US jobs data released last week boosted the dollar. A stronger dollar makes gold more expensive for buyers using other currencies. The jobs report also reinforced the Fed's cautious stance on rate cuts this year, while concerns grew that Trump's tariff plans could fuel inflation.
Investors now await the producer price index (PPI) report later in the day and the US consumer price index (CPI) data on Wednesday for further insights into the economy and the Fed's 2025 policy trajectory. Several Fed officials are also due to speak this week.
Spot silver gained 0.3% to $29.68 per ounce, palladium climbed 0.6% to $959.70 and platinum rose 0.5% to $943.25.