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Gold prices rose in European trading on Tuesday, rebounding after a sharp pullback from near record highs in the previous session, as year-end profit-taking eased and renewed geopolitical tensions boosted safe-haven demand. Spot gold climbed 0.9% to around $4,369 per ounce, while U.S. gold futures for February delivery gained about 1% to trade near $4,385 per ounce.
The precious metal had surged to an all-time high above $4,549 per ounce late last week before retreating on Monday, as traders locked in profits amid thin year-end liquidity. Despite the short-term correction, gold remains one of the strongest-performing assets this year, supported by a weaker U.S. dollar, elevated inflation concerns, and persistent global uncertainty.
Geopolitical risks continued to underpin gold prices. Comments from Russian President Vladimir Putin regarding a potential shift in Russia’s negotiating stance on Ukraine added to uncertainty around the conflict, sustaining demand for safe-haven assets. Meanwhile, tensions in the Middle East also weighed on market sentiment after U.S. President Donald Trump warned that the United States could launch new strikes against Iran if it attempts to rebuild its nuclear program. In Asia, risk appetite was further tested as China conducted large-scale live-fire military exercises around Taiwan.
Expectations of future monetary easing by the Federal Reserve have also been supportive for bullion. Markets are increasingly pricing in additional interest rate cuts in 2026, which would lower the opportunity cost of holding non-yielding assets like gold. Investors are now closely watching the release of the latest Federal Reserve meeting minutes, which may provide further clues on the outlook for inflation, economic growth, and interest rates.
Other precious metals also rebounded after steep losses. Silver prices jumped more than 3% to around $74.50 per ounce after falling sharply from record highs, while platinum rose nearly 3% following a heavy sell-off. U.S. copper futures also advanced, reflecting a broader recovery across the metals market as investors reassessed recent declines.
Overall, while short-term volatility persists, the underlying fundamentals for gold and precious metals remain supportive amid ongoing geopolitical risks and an accommodative long-term monetary outlook.
