Gold prices remained above US$2,800 during Asian trade on Tuesday, trading slightly below all-time highs of US$2,831 on Monday.
By 4:00 pm AEDT (5:00 am GMT) spot gold was up by $4.89 or 0.2% to $2,819.33 per ounce.
Investors are now focused on U.S. jobs data and Federal Reserve speeches, as market sentiment steadies following President Donald Trump’s decision to delay tariffs on Mexico and Canada while maintaining levies on China.
After a volatile session on Monday, gold prices fluctuated as markets reacted to Trump's tariff actions and strong U.S. ISM PMI data.
Initially, gold fell to $2,773 as safe-haven flows boosted the US dollar, but a late-session reversal pushed it back toward record highs.
Despite rising Treasury yields, renewed dollar weakness lifted gold prices, with ANZ analysts noting strong demand for physical gold: "U.S. prices of gold and silver also surged above international benchmarks, creating a rush for physical metal in the U.S. on fears that the precious metals may be caught up in the trade war.""
Market focus now shifts to the U.S. Job Opening and Labour Turnover survey data, expected at 8 million for December, and Fed policy signals.
