The newly elected president has not provided any specific details about the universal tariffs or extra surcharges on key trade partners.

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.

The recent price behaviour of gold has underlined its importance as a safe-haven asset even at a time of rising currencies and a shifting macroeconomic scenario. Gold prices on COMEX had touched a near one-month high on Friday on uncertainty over the monetary policy of the Federal Reserve and over US President-elect Donald Trump’s tariff