Gold markets experienced significant momentum early Tuesday, with prices climbing to their highest levels in five weeks as the precious metal positioned itself to challenge its all-time record. 

Gold markets experienced their strongest performance in more than a month as multiple macroeconomic factors converged to drive precious metals demand.

Gold prices have traded within a narrow range over the past two weeks, with today's modest gains insufficient to offset weekly losses for the precious metal. The yellow metal has faced headwinds from a strengthening U.S.