Gold prices hit an all-time high again above $5,000 at the start of the week amid geopolitical risks and concerns over this week's Fed decision.
At 10 a.m., bullion was at $5,076, up 1.79% since it opened early Monday in Asian trading.
The first trilateral peace talks involving Russia, Ukraine and the United States ended in Abu Dhabi without any significant progress, as the military conflict continues, according to a BBC report.
Ukrainian President Volodymyr Zelensky has suggested a second round of talks as early as next week, while a U.S. official said a new round of talks is expected to begin on February 1.
Prolonged geopolitical tensions between Russia and Ukraine, coupled with military intervention in Venezuela and threats to take over Greenland, continue to boost demand for traditional safe-haven assets like gold.
Meanwhile, the market is also focused on US President Donald Trump's decision on the appointment of a new Fed Chair after he confirmed that the interview process for candidates has been completed.
The appointment of a more dovish chairman could potentially increase expectations of further interest rate cuts this year, thus supporting a rise in gold prices.
Lower interest rates reduce the cost of holding gold, making the precious metal more attractive even though it does not offer interest returns.
