Gold prices rocketed through resistance late Tuesday morning to set new all-time highs as the yellow metal rides a wave of rate cut optimism and geopolitical fear into uncharted territory.

Gold prices edged lower on Tuesday as Treasury yields held firm, while investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to U.S. jobs data due later this week for more signals on U.S. interest rate cuts.

Gold prices slipped on Tuesday, hurt by an uptick in the dollar and Treasury yields as investors awaited U.S. inflation data due later this week that could provide cues on the timing of interest rate cuts by the Federal Reserve this year.

Although gold and silver are stuck in neutral at elevated levels, one market analyst remains a long-term bull on precious metals.

May 28 - Gold prices gained on Tuesday, helped by a weaker dollar as investors look forward to U.S. inflation data due later this week for more clarity on interest rate cut timings.

May 23 - Gold fell to more than a week's low on Thursday, extending its decline for a third straight session, as investors grew apprehensive over U.S. rate cut timings and on strength in U.S. business activity.

Gold prices hit a record high in Asian trade on Monday as increased geopolitical tensions in the Middle East boosted safe haven demand, while a broader rally across metal markets also spilled over into the yellow metal.

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September.

Gold prices stabilize as Fed signals pause in rate hikes.

Interest rates have been on a wild ride over the last couple of years as the Federal Reserve has worked to battle stubbornly high inflation.