- Gold prices moved slightly in Asian trading on Tuesday as investors speculated about the imposition of more trade tariffs under the administration of U.S. President-elect Donald Trump. The recent decline in the dollar provided some support to the yellow metal.

- The yellow metal recorded losses throughout December, amid profit-taking and as investors speculated about a slower pace of interest rate cuts by the Federal Reserve in 2025.

- The strength of the dollar has been a major factor weighing on gold, as the dollar surged to its highest level in more than two years. However, the dollar slid from these peaks on Monday.

- Spot gold rose by 0.1% to $2,638.05 per ounce, while gold futures expiring in February rose by 0.1% to $2,649.19 per ounce.

- On Monday, Trump denied a Washington Post report that his administration would target only critical imports with trade tariffs. The President-elect had pledged to impose high tariffs to strengthen the U.S.'s trade dominance, especially over China.

- Nevertheless, the report and Trump's comments spurred further uncertainty about what his global trade policies would entail. The dollar slid to a one-week low after the report but regained much of its losses.

- Weakness in the dollar provided limited support for gold, as the yellow metal faces the prospect of slower interest rate cuts in 2025. Hawkish comments from Federal Reserve officials furthered this view over the weekend.

- Goldman Sachs also warned in a Monday note that gold will not reach $3,000 per ounce before mid-2026, after failing to reach this target in 2024.

- Higher interest rates signal a negative outlook for gold and metal prices, as they increase the opportunity cost of investing in the yellow metal.

- On the other hand, platinum futures rose by 0.4% to $949.50 per ounce, while silver futures steadied at $30.573 per ounce.

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