Gold Futures Settle Marginally Higher

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Gold prices edged marginally higher on Tuesday thanks to a weak dollar and slightly easing equity markets.

The dollar index, which fell to 89.85, was last seen at 89.98, down by about 0.4% from previous close.

Gold futures for February ended up $2.50 or about 0.1% at $1,882.90 an ounce after swinging between gains and losses right through the session.

Silver futures for March ended lower by $0.322 at $26.217 an ounce, while Copper futures for March settled at $3.5555 per pound, down $0.0165 from previous close.

U.S. stocks retreated after a positive start as Senate Majority Leader Mitch McConnell blocked an attempt to push through a bill proposing an increase in direct payments in the coronavirus relief package.

The House Representatives had passed the bill to raise direct payments to eligible Americans from $600 to $2,000.

President Donald Trump, who had signed a massive $2.3 trillion fiscal relief package, that included a $900 billion in pandemic relief, demanded the increase in direct payments to Americans.

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