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Gold prices made a positive start to the new year, with prices touching a more than six-month peak on Tuesday as investors positioned for the Federal Reserve's latest policy minutes.

Spot gold, which had ended a volatile 2022 little changed, rose 0.5% to $1,832.59 per ounce by 1205 GMT after touching its highest since June 17 at $1,849.89. U.S. gold futures gained 0.7% to $1,839.40.

Benchmark U.S. 10-year Treasury yields were near their session lows, reducing the opportunity cost of holding non-yielding gold. [USD/][US/]

"The new year is supporting new inflows into all asset classes," said UBS analyst Giovanni Staunovo, adding that rising U.S. interest rates and lower U.S. inflation are expected to weigh on gold until the Federal Reserve's rate hikes end, probably towards the end of the year.

The market focus is now on the minutes from the Fed's December policy meeting, due on Wednesday, and other economic data expected this week.

If the minutes reveal that the Fed is considering a slower pace of increases to interest rates and a lower rates peak, there will be "scope for further increases in the price of gold", said ActivTrades senior analyst Ricardo Evangelista.

While gold is seen as a hedge against economic uncertainty, it tends to loose appeal in a high interest rate environment.

Bullion posted a marginal yearly loss in 2022 as hawkish Fed policies fuelled a dollar rally that challenged the metal's role as a safe haven.

On a technical front, gold will be looking for upside resistance at $1,850 and then $1,878, Saxo Bank said in a note.

In other precious metals, spot silver jumped 1.2% to $24.27 per ounce, platinum was up 0.2% to $1,071.44, while palladium fell 0.5% to $1,785.70.