Gold prices maintained positive momentum at the start of Asian trading on Tuesday after reaching a series of record highs amid concerns about U.S. President Donald Trump's trade policy and increased global geopolitical tensions.

Anticipation of this week's Federal Reserve meeting has also contributed to a general risk aversion in the markets, although the central bank is expected to leave interest rates unchanged on Wednesday.

Spot gold stabilized at $5,040.74 per ounce by 00:40 Moscow time, while gold futures for April delivery decreased by 1% to $5,072.86 per ounce. Spot gold hit an all-time high of $5,111.11 per ounce on Monday.

Prices for other precious metals also rose on Tuesday. Spot silver rose 3.2% to $107.1735 per ounce, while spot platinum jumped 1.4% to $2,621.21 per ounce.

Demand for precious metals as defensive assets has surged in recent weeks after Trump threatened trade duties on several US allies, in particular, the de facto trade embargo against Canada.

The president expressed disagreement with a potential trade deal between Canada and China and threatened 100% duties on goods from Ottawa.

Trump on Monday evening also announced that he was increasing trade duties on South Korean goods to 25%, claiming that Seoul was delaying the implementation of the recent trade agreement.

Although the US president has softened his demands regarding Greenland and the threat of tariffs for Europe, markets remain wary in anticipation of new similar steps from Trump.

Increased geopolitical tensions in Iran and the Middle East, following the arrival of American ships in the region, are also keeping markets on edge.