Credit: Reuters

Spot gold rose 0.6% to $2,628.76 per ounce by 01:42 p.m. ET (1842 GMT), hitting its highest level since Nov.11. U.S. gold futures settled 0.6% higher at $2,631 per ounce.

On Monday, gold jumped 2%, marking its biggest one-day rise since mid-August and rebounding sharply from a two-month low hit last week.

"We think that the overnight reports on Russia changing its nuclear doctrine following Ukraine's first long-range missile strike on Russian territory has led to some safe-haven flows in gold," said Daniel Ghali, commodity strategist at TD Securities.

"Barring another consolidation in prices, speculative investors just don't have enough dry powder in their war chest for gold to resume its upward trajectory at this juncture."

Gold's allure is bolstered by geopolitical tensions, economic risks and a low interest rate environment.

Multiple Fed officials are scheduled to speak this week, which could offer further insights about the rate-cut path.

Traders currently see a 63% chance of a 25-basis-point cut in December.

"Since the arguments in favour of gold have not diminished, the lower price level is apparently leading to buying interest," Commerzbank analysts noted.

Geopolitical uncertainty, central bank buying, and swelling deficits in the United States and other western nations are further supporting gold, the bank said.

Also supporting bullion was the dollar's pullback that comes after a strong rally last week to a one-year high fuelled by the Trump trade euphoria. A weaker dollar makes gold more appealing to buyers in other currencies.

Among other metals, spot silver added 0.1% to $31.17, hitting a one-week high earlier in the session.

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