Tuesday's significant increase in gold prices was accompanied by a decline in the value of the dollar and Treasury yields as investors began to price in the possibility of no more rate hikes from the Federal Reserve. The minutes of the central bank's most recent meeting are now scheduled for later in the day.

Spot gold added 0.7% to $1,992.17 per ounce, while gold futures advanced by 0.7% to $1,994.00 per ounce.

Speaking of the industrial metals, the price of copper continued to rise as investor confidence in China, a major importer, increased. Major mine disruptions in Peru and Panama also suggested a shortage of supply.

With the possibility of a break in the Fed's rate-hike cycle signalling less pressure on the yellow metal, gold prices have been surging in recent sessions, once again hovering just below the $2,000 per ounce mark.

Now, all eyes were on the Fed's October meeting minutes, which were scheduled for release later on Tuesday.