Gold Prices Surge to New Heights

Gold prices edged up slightly on Tuesday following a steep decline in the prior session. Investors are eagerly awaiting U.S. inflation data, which could potentially offer more insight into the Federal Reserve's interest rate cut trajectory.

As of 0453 GMT, spot gold climbed 0.3 percent to $3354.91 per ounce. U.S. gold futures for December delivery settled at $3405.40.

On Monday, gold fell by 1.6 percent, and futures contracts dropped over two percent after President Donald Trump announced that no tariffs would be imposed on imported gold bullion, easing market tensions.

Regarding other precious metals, spot silver rose 0.7 percent to $37.88 per ounce. Platinum gained 0.3 percent to $1330.25, while palladium increased by 0.9 percent to $1145.47.