• Gold price recovers further to nearly $2,635 on the fresh escalation in the war between Russia and Ukraine.
• Vladimir Putin has signed a decree to update the country’s nuclear doctrine.
• Fed officials refrain from forecasting the impact of Trump’s policies on the economy.

Gold price (XAU/USD) extends its recovery for a second consecutive day, trading around $2,635 in European hours on Tuesday, as Ukraine has already launched US-made ATACMS ballistic missiles into Russia, according to reports from local media RBC citing a source from the Ukrainian Armed Forces. The move has escalated fears of a nuclear war, prompting investors to flee towards safe-haven assets such as Gold.

Fears of an escalation in geopolitical tensions were already high after Russian President Vladimir Putin’s approval of the country’s nuclear policy revision, which appeared to be an answer to the US for backing Ukraine’s military strength by allowing Kyiv to use Washington-supplied ATACMS missiles to attack Russia’s Kursk region.