Error "There is an error parsing Preferences.tps. [...]" After Adding Custom Colour Palette

Issue

When launching Tableau Desktop after modifying the Preference.tps file to add custom colour palette, the following error might occur:

There is an error parsing Preferences.tps. This can occur if quotation marks other than basic single quotes (') or double quotes(") are used around attribute names. Until this is corrected, Tableau Desktop will use the default color palettes.
The following 1 errors occurred while parsing Preference file"C:\Users\username\Documents\My Tableau Repository\Preferences.tps":
Fatal Error(##,#): comment or processing instruction expected (id: C:\Users\username\Documents\My Tableau Repository\Preferences.tps)

Environment

Tableau Desktop

Resolution

Inspect the Preference.tps file for any missing or extra single (') or double quotes(").

The preferences.tps file is in XML format and can be opened with any XML editor such as Notepad. The file will start with the format in the below screenshot:
User-added image

If adding a color palette, additional text will be added between the "preferences" marker as shown below and in the color-palette name and type, the quotes can be incorrectly entered. This is an example of a correct XML update:
User-added image