Ammon News - Gold prices rose on Tuesday on a weaker U.S. dollar as traders pondered whether President-elect Donald Trump's tariff plans would be less aggressive than expected, while investors awaited U.S. jobs data to gauge the Federal Reserve's interest rate trajectory.

Spot gold was up 0.4% at $2,644.79 per ounce, as of 0548 GMT. U.S. gold futures rose 0.3% to $2,655.00.

The benchmark 10-year Treasury yield hit the highest since May 2024 on Monday, while the dollar hovered near a one-week low.

The dollar slid against its peers after a media report said that Trump's aides were exploring plans that would apply tariffs only on sectors seen as critical to U.S. national or economic security. However, Trump denied the report, deepening uncertainty about future U.S. trade policies.

Bullion is considered a hedge against uncertainty and inflation, but high rates reduce the non-yielding asset's appeal.

Last month, the central bank projected fewer rate cuts in 2025, with policymakers expressing concerns over still-high inflation.

Spot silver gained 0.6% to $30.12 per ounce on Tuesday, platinum added 0.6% to $938.55 and palladium ticked up 0.4% to $924.52. Reuters