Gold prices rose for a second session on Tuesday as the dollar weakened, with markets evaluating the possible consequences of U.S. President Donald Trump's policies in his second term after his inauguration.

Dubai: Donald Trump assuming the US presidency is offering no respite for gold shoppers. In fact, the asset has shot up by nearly $20 to $2,727 an ounce in early trades today and just hours after the change of guard in the US.

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.

Gold prices were little changed on Monday as traders awaited the inauguration speech of President-elect Donald Trump later today. “The US Dollar (USD) kicks off the new week on a softer note and erodes a part of Friday’s positive move amid bets that the Federal Reserve (Fed) will cut interest rates twice this year amid signs of abating inflation

Gold firmed on Monday on a softer dollar as investors awaited Donald Trump's inauguration speech later in the day for insights into his policies that are expected to provide clarity on the inflation outlook and Federal Reserve's future rate decisions.