Gold, one of the few commodities that could benefit from potential tit-for-tat tariffs between the U.S. and its trading partners, climbed to its highest in nearly three months on Tuesday, supported by a weaker dollar and the lack of clarity around President Trump's potential tariffs.

Gold prices firmed on Monday, supported by a weak U.S. dollar, as markets awaited Donald Trump's return to the White House and his inauguration speech later in the day for hints on the impact of his upcoming policies on the economy and rate-cut outlook.