By Gina Lee
Investing.com – Gold was up on Tuesday morning in Asia, buoyed by a weaker dollar, but a tech-driven rally in U.S. markets on Monday and small signs of global economic recovery capped the yellow metal’s gains.
Gold futures were flat, inching up 0.07% to $2000.10 by 12:55 AM ET (5:55 AM GMT) and staying above the $2,000-mark.
U.S. markets had a stellar session during the previous session, with the Nasdaq hitting a record high on Monday and the S&P500 coming close to reaching its own record high. But Asian stocks were mixed on Tuesday morning, and the dollar was down on Tuesday morning.
Meanwhile, the U.S. Commerce Department on Monday notched U.S.-China tensions up after slapping further restrictions on Huawei’s access to commercially available chips. The restrictions, which are in addition to those announced by the U.S. in May, added 38 Huawei affiliates in 21 countries to an economic blacklist.
Investors are now awaiting the minutes from the U.S. Federal Reserve’s latest policy meeting, which are due to be released on Wednesday. The Fed is widely expected to adopt an average inflation target that is likely to push inflation above 2% for some time.