Gold prices rose on Tuesday, helped by a softer U.S. dollar and inflationary risks posed by President-elect Donald Trump's potential tariff policies, which could influence the pace of Federal Reserve monetary policy easing this year.

Gold prices could tick up to another record high in 2025 as investors hunt for safe havens in response to likely "bouts of equity market volatility", according to analysts at UBS. The yellow metal surged by 27% in 2024, touching an all-time high of $2,788 per ounce in October and setting a record annual average price of $2,389 per ounce.