Gold ​climbed on Tuesday, hovering just shy of the $5,100-per-ounce mark breached for the first time in the previous ⁠session, as uncertainty around U.S. President Donald Trump's policymaking prompted investors to seek safety in bullion.

Spot gold rose ⁠1.2% to $5,073.52 ‌per ounce as of 1155 GMT. It hit an all-time high of $5,110.50 on Monday.

U.S. gold futures for February delivery eased 0.2% to $5,071.20 per ounce.

"The constant ⁠back and forth (on tariffs) by President Trump and the U.S. administration, coupled with growing concerns around a military operation in Iran" are unlikely to curb safe-haven demand anytime soon, said Zain Vawda, analyst at MarketPulse by OANDA.

Gold has surged 18% so far in ⁠2026, building on gains from last ​year due to factors including sustained safe-haven demand amid geopolitical and economic uncertainty, expectations of U.S. rate cuts and robust ‍central bank purchases. In trade news, Trump said on Monday he would hike tariffs on autos and other goods ​imported from South Korea. Meanwhile, the United States is "open for business" if Iran wishes to contact Washington, a U.S. official said on Monday, after Trump renewed warnings to Tehran.

Deutsche Bank and Societe Generale anticipate gold prices to reach $6,000/oz in 2026, highlighting the scope for further gains.

Market is now focused on the Federal Reserve's policy meeting starting on Tuesday, where it is expected to hold interest rates steady, while investors are also awaiting news on Chair Jerome Powell's replacement.

Spot silver jumped 7.4% to $111.59 an ounce, after hitting a record high of $117.69 on Monday. It has surged ⁠more than 50% so far this year.

"We expect prices ‌to ease in the coming months as supply tightness eases and industrial demand for silver starts to peak with a slowing Mainland Chinese economy," BMI, a unit of Fitch Solutions, said ‌in a ⁠note.

Spot platinum fell 3.1% to $2,673.50 per ounce, after hitting a record $2,918.80 in the previous session. Palladium added ⁠2.2% to $2,025.60.

(Reporting by Pablo Sinha in Bengaluru; Editing by Sonia Cheema)