Gold edges lower as dollar steadies

Gold futures edged lower early Tuesday as the U.S. dollar steadied and investors awaited U.S. economic data due later this week.

Price action

Market drivers

Gold briefly traded above the $2,000-an-ounce threshold in early trade, responding to a fall in Treasury yields and a weaker U.S. dollar. But the dollar subsequently found its footing, with the ICE U.S. Dollar Index DXY up 0.2%. A stronger dollar can weigh on demand for commodities priced in the unit, making them more expensive to users of other currencies.

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