Gold ticked higher on Tuesday as Asian stocks slipped on political ferment in Washington and a global surge in coronavirus cases, although a firmer dollar and higher US Treasury yields limited gains.[BENGALURU] Gold ticked higher on Tuesday as Asian stocks slipped on political ferment in Washington and a global surge in coronavirus cases, although a firmer dollar and higher US Treasury yields limited gains.
Spot gold rose 0.2 per cent at US$1,847.96 per ounce by 2.35am GMT, after touching its lowest since Dec 2 in the previous session. US gold futures eased 0.2 per cent to US$1,847.30. Asian stocks mostly traded lower as Democrats in the US House of Representatives barrelled towards impeaching US President Donald Trump in the wake of Capitol siege last week.
"The macro picture is still positive for gold, so the market appears to be in dip-buying mode, but cautious about the scale of the dips," said Nicholas Frappell, global general manager at ABC Bullion. "Short-term gold is still vulnerable to US dollar sentiment and yields, but gold is finding some support around the US$1,830 level and it may use that as a base to consolidate and push higher from."