Gold prices rose to a two-week high on Tuesday, supported by post-holiday buying from China and concerns over potential U.S. tariffs on pharmaceutical imports, while investors await the outcome of the Federal Reserve’s policy meeting.

Gold prices gained over 2% on Monday, driven by a weaker dollar and safe-haven demand, while the market awaits a policy decision from the U.S. Federal Reserve later in the week. Spot gold was up 2.3% to $3,

Mining in Peru's northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners. Peru's government also plans to set up a military base and implement a curfew lasting from 6 p.

The men were killed in a region that has seen growing conflict over access to ore in recent years. The mine has also been a hotbed of illegal gold mining.

Peru is assigning the military with the task of regaining control of a mineral-rich area of the country’s northern highlands after 13 gold-mine workers were kidnapped and murdered.