Gold jumped more than 1% on Tuesday on fading optimism surrounding a U.S.-China trade deal after U.S. President Donald Trump said talks could extend until after the presidential elections in November 2020.
Spot gold gained 1.12% to $1,478.72 per ounce, after touching $1,481.80, its highest since Nov. 7. U.S. gold futures settled up 1.1% at $1484.4
Most other precious metals latched on to gold’s rally, with silver gaining 1.6% to $17.17 per ounce and platinum up 1.3% to $909.05.
Palladium dipped 0.2% to $1,848.11, after notching a record high of $1,861.71 in the previous session. The metal was on track to snap a seven-day winning streak.