The price of gold edged higher on Tuesday morning, reclaiming some of its recent losses. The metal had been trending sharply lower since the middle of last week.
Gold for June delivery traded at $880.70, up $7.90 for the session. A gain would be the first in four sessions.
Gold plummeted to its lowest level in 2 1/2 months as traders continued to drift away from the safety investment amid hopes the economy could be on the mend. The metal lost nearly $55 an ounce in a three-day slump.
While the economic calendar remains light today, the U.S. Federal Reserve is scheduled to release its monthly consumer credit report at 3 pm ET. Consumer credit for February is likely to show a decline of $1.5 billion.
Things will pick up on that front later in the week as Wednesday will bring wholesale trade data while import and export prices will be announced on Thursday.
The dollar rallied versus the euro and sterling Tuesday morning in New York as risk averse traders expressed concerns about the start of earnings season, which kicks off today with quarterly results from Alcoa. The buck also gained on the pound, but eased versus the yen.
