Gold prices surged above $2,720 per ounce on Tuesday, extending gains as investors analyzed the potential impacts of U.S. President Donald Trump's policies in his second term. Trump's proposal to impose 25% tariffs on Mexico and Canada, along with uncertainty about China tariffs, has raised concerns about a trade war, boosting demand for safe-haven assets like gold. Inflation risks are also under scrutiny, as Trump's tax cuts and increased government spending could drive price pressures, limiting the Federal Reserve's ability to ease monetary policy and affecting gold's appeal. Additionally, attention is on the implications of a newly implemented ceasefire agreement between Israel and Hamas.

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