Gold prices remained firm on Tuesday, hovering near the record peak reached in the previous session, as concerns over U.S. tariffs and inflation drove safe-haven demand. Investors also awaited key U.S. jobs data later this week for further economic signals.
Spot gold rose 0.3% to $2,820.69 per ounce as of 0252 GMT, after reaching an all-time high of $2,830.49 on Monday. Meanwhile, U.S. gold futures edged down 0.2% to $2,852.70 per ounce.
The market responded to U.S. President Donald Trump’s decision to suspend tariffs on Mexico and Canada for 30 days in exchange for concessions on border and crime enforcement. However, new levies on Chinese goods are set to take effect later in the day, fueling concerns that tariff policies could drive inflation higher. Gold is widely regarded as a hedge against both inflation and geopolitical risks, adding to its recent gains.
Additionally, major global bullion banks have begun transporting gold into the U.S. from trading hubs like Dubai and Hong Kong to capitalize on the unusually high premium that U.S. gold futures are commanding over spot prices.
Investor focus now shifts to a series of U.S. labor market reports, including job openings data due later today, the ADP employment report on Wednesday, and the crucial nonfarm payrolls report on Friday.
Among other precious metals, spot silver inched up 0.2% to $31.61 per ounce, platinum gained 0.7% to $970.80, and palladium climbed 1% to $1,019.31. In China, the world’s largest gold consumer, markets remained closed for the Lunar New Year holiday and will reopen on Wednesday.
