Gold prices edged higher on Tuesday morning, recovering some of the losses from a recent slump. The metal is looking for its first gain in three session.
April gold added $6.10 to trade at $923.80 per ounce. The metal tested the $910 mark in the previous session.
The dollar saw some weakness on Tuesday, adding to gold's hedge appeal. The greenback backed away from a 12-day high against the euro and also slipped versus the pound as traders gained some confidence in the higher yielding currencies.
On the economic front, a report showed that the S&P/Case-Shiller 20-City Composite Home Price Index for January fell 19.0 percent compared to the same month a year ago, reflecting an acceleration from the 18.6 percent year-over-year decline reported for December.
Meanwhile, Minneapolis Federal Reserve Bank President Gary Stern said resolving the issue of too-big-to-fail should be among policymakers' highest priorities. Speaking at the Brookings Institute in Washington, D.C., Stern discussed the roots of the current problem and urged action to mitigate the devastating effects of the failure of a systemically important institution.
April-dated gold futures ended at $916.80 per ounce, down $7.70 for the day. Gold plunged $16.70 on Friday as its safety value was reduced by a stronger dollar.
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