WASHINGTON (dpa-AFX) - Gold futures settled higher on Tuesday, recovering some ground after losses in the previous two sessions.
The dollar's weakness amid uncertainty surrounding U.S. President Donald Trump's tariff plans supported the yellow metal.
The U.S. President said that tariffs on automobiles, aluminum and pharmaceuticals are coming soon, and that he may give 'a lot of countries' breaks on tariffs, without providing any details.
Media reports suggest that the Trump administration might take a more measured approach on tariffs against U.S. trading partners and could omit a set of industry-specific tariffs.
The dollar index, which dropped to 103.94 in early New York session, regained some ground as the day progressed and was last seen at 104.12, down 0.14% from previous close.
Gold futures for March closed up $10.60 or about 0.35% at $3,023.70 an ounce.
Silver futures for March settled higher by $0.737 or about 2.22% at $34.002 an ounce, while Copper futures for March climbed to about $5.1870, gaining $0.1230 or about 2.4%.
Continued tariff threats by the U.S., and potential countermeasures by some countries, and escalating unrest in the Middle East have boosted the yellow metal's safe-haven appeal.
A report from the Conference Board showed consumer confidence in the U.S. deteriorated by more than expected in the month of March. The CB said that its consumer confidence index tumbled to 92.9 in March from an upwardly revised 100.1 in February.
Economists had expected the consumer confidence index to slump to 94.2 from the 98.3 originally reported for the previous month.
'Consumer confidence declined for a fourth consecutive month in March, falling below the relatively narrow range that had prevailed since 2022,' said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board.
Data from the Commerce Department said new home sales in the U.S. jumped by 1.8% to an annual rate of 676,000 in February after plunging by 6.9% to a revised rate of 664,000 in January.
Economists had expected new home sales to surge by 3.5% to an annual rate of 680,000 from the 657,000 originally reported for the previous month.
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