Gold edged higher on Tuesday, snapping a three-session losing streak, on uncertainty over the economic policies of US President-elect Donald Trump. Trump has vowed to boost domestic spending, which has the potential to stoke inflation and dent demand for non-yielding bullion, but the market is seeking more details on his policies.
Spot gold was up 0.29 percent at $1,223.41 an ounce at 2:33 pm EST (1933 GMT), after slipping on Monday to its lowest since June 3 at $1,211.08. US gold futures settled up 0.2 percent at $1,224.50. "Gold will have to wait and see when Trump moves into the White House and what policies he will cancel," Natixis precious metals analyst Bernard Dahdah said.
Trump is due to officially take power in January with promises of rolling back a major trade agreement and cutting taxes. "There have been lots of statements of US policy, but we don't have details and we don't know what it looks like. That's fertile ground for gold," ETF Securities commodities strategist Martin Arnold said. Generally, investors pile into safe-haven assets such as gold in times of political and economic uncertainty.
Among other precious metals, silver was up 0.7 percent at $16.99 an ounce, having touched its lowest since June 8 at $16.61 in the previous session. Platinum rose 0.4 percent to $934.20, bouncing back from the more than eight-month low of $917.50 touched on Monday. Palladium gained as much as 1.6 percent to reach $709.20, its highest since October 4.
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