WASHINGTON (dpa-AFX) - Gold prices edged higher on Tuesday, as the U.S. dollar softened against major currencies. However, gains in equities limited gold's upside.
Optimism about U.S.-China trade talks and slightly easing worries about global growth after recent data showed an improvement in U.S. and Chinese factory activity in the month of March continued to prompt investors to go for riskier assets such as stocks.
The dollar index shed about 0.1%.
Gold futures for June ended up $1.20, at $1,295.40 an ounce.
On Monday, gold futures settled at $1,294.20 an ounce, losing $4.30, or 0.3%.
Silver futures for May ended down $0.038, at $15.061 an ounce, while Copper futures for May settled at $2.9055 per pound, losing $0.0190 for the session.
Investors are betting on hopes the upcoming Sino-U.S. trade negotiations in Washington, following last week's of talks in Beijing, will help bring the the two largest economies in the world closer to a long term trade deal.
Meanwhile, in U.S. economic news today, data from the Commerce Department showed orders for U.S. manufactured durable goods showed a steep drop in the month of February, with orders for transportation equipment leading the way lower.
The report said said durable goods orders tumbled by 1.6% in February after inching up by a downwardly revised 0.1% in January.
Economists had expected durable goods orders to plunge by 1.8% compared to the 0.3% increase that had been reported for the previous month.
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