Gold was up on Tuesday morning in Asia but slipped below a seven-week high hit during the previous session, as climbing U.S. Treasury yields overshadowed gains from a weaker dollar.
The dollar wallowed near a six-week low against its peers on Tuesday as the euro led a rally on the back of a brightening outlook for the region’s vaccination programme.
Oil prices rose on Tuesday as a weaker U.S. dollar supported commodities and on expectations that crude inventories fell in the United States, the world’s biggest oil user, though rising coronavirus cases in Asia capped gains.
The Dow fell Monday, paced by declines in consumer discretionary and technology as investors reined in their bullish bets on stocks ahead of a busy week, with big tech set to report earnings this week.
Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.
Gold was down on Monday morning in Asia but remained near the seven-week peak hit during the previous session as retreating U.S. Treasury yields boosted demand for the safe-haven yellow metal.