Investing.com - Gold flitted between small gains and losses in early Asia on Tuesday as investors await more clarity on the the U.S. interest rate outlook.
U.S. gold futures for June delivery inched 0.03% higher to $1,258.40 a troy ounce.
Elsewhere in metals trading, U.S. silver futures for May delivery dropped 0.29% to $15.930 a troy ounce, while copper futures for May delivery rose 0.05% to $2.084 a pound.
Overnight, gold rose to the highest level in three weeks on Monday as expectations that the Federal Reserve will keep interest rates on hold for some time to come underpinned investor demand for the precious metal.
The dollar has weakened against the yen on the view that the Fed will stick to a cautious approach on hiking interest rates this year amid concerns over the outlook for the global economy.
An increase in interest rates would boost the greenback by making it more attractive to yield-seeking investors, while weighing on gold by making it more expensive for holders of other currencies.
Gold has gained almost 18% so far this year, as market turmoil sparked from steep falls in China’s stock markets and currency and fears about the health of Europe’s banking sector bolstered investor appetite for bullion and other safe haven assets, including the yen.