$4,136.30 an ounce marked gold's early Tuesday high after December futures opened at $4,109.60, up 0.5% from Monday's close.
Iran tensions drove the move as Trump said Tehran had a "last chance" to reach a deal and warned action could come "today or tomorrow" after he said he had called off a major weekend attack.
The metal has held above $4,100 this week and is up 2.1% from a week ago, 1.0% from a month ago and 22% from a year earlier.
Analysts cited in the report warned that buying near record highs carries price and speculation risks, even as gold remains in demand as a diversification asset for central banks and individual investors.