Gold prices fell to a week-low on Tuesday as safe-haven demand weakened after Israel agreed to a cease-fire with Lebanon, while concerns over Ukraine and US President-elect Donald Trump's tariff plans restricted losses.

Spot gold was steady at $2,626.83 per ounce as of 02:07 p.m. ET (1906 GMT), erasing some of the earlier losses when prices fell to their lowest since November 18. US gold futures closed 0.1% higher at $2,621.30.

Concerns about the broader consequences of Russia's invasion of Ukraine remain strong, according to Grant, who predicts choppy consolidation in gold in the near term, ranging between $2,575 and $2,750.

Gold has long been regarded as a safe investment during economic and geopolitical instability, such as trade wars.

Trump's promise of steep tariffs on Canada, Mexico, and China looms large. While they might trigger trade disputes and boost gold's appeal, the associated inflation worries could undermine Federal Reserve rate reduction, potentially weighing on prices, analysts said.

The markets are now anticipating the release of the Fed's November meeting minutes later today. With a 56% possibility of a December rate drop priced in, investors are apprehensive.

According to the minutes of the Federal Reserve's meeting on November 6-7, policymakers indicated diverse opinions on probable future rate reduction. However, they agreed to withhold explicit recommendations on the expected trajectory of US monetary policy.