Gold futures bounced back slightly on Tuesday as investors took advantage of a recent dip in prices to stock up on the safe-haven asset amid a retreat on Wall Street.
Gold prices have fallen 8 percent in just over two weeks as investors' appetite for riskier assets like stocks has increased amid improving sentiment about the economy.
But on Tuesday, stocks declined for a second straight day as investors took some profits off the table following a huge four-week rally, fearing that potentially grim earnings reports could upset the market further. Demand for gold increases during times of economic uncertainty and market volatility.
The decline in stocks pressured other more economically sensitive commodities like oil and grains which could suffer if earnings reports show a sharp drop in consumer demand for goods and materials.
Gold for June delivery rose $10.50 to settle at $883.30 an ounce on the New York Mercantile Exchange.
May silver added 10 cents to $12.21 an ounce, while May copper futures rose 3.1 cents to $1.99 a pound.
The dollar was mixed against other major currencies.
Light, sweet crude for May delivery fell $1.90 to settle at $49.15 a barrel on the Nymex. Gasoline futures fell 1.64 cents to $1.4776 a gallon, while heating oil futures fell 2.88 cents to $1.3903 a gallon.
Grain prices sank on the Chicago Board of Trade.
July wheat futures tumbled 17.25 cents to $5.5175 a bushel, while corn for May delivery fell 9.25 cents to $3.9625 a bushel.
May soybeans dropped 4.5 cents to $9.8950 a bushel.
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