The price of gold was moving higher Tuesday morning with the U.S. dollar surrendering early trading gains against the Japanese yen.
Earlier today, the U.S. Dollar advanced to a fresh 30-month high versus the yen after the Bank of Japan voted for a 2 percent inflation target and shifted to open-ended asset purchases in a bid to end stagnation.
Gold for February delivery, the most actively traded contract, added $4.80 to $1,691.80 an ounce.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,332.61 tons.
Meanwhile, the U.S. dollar was lingering round its11-month low versus the euro, while trading flat against sterling. The buck was steady around its 30-month high versus the yen and ticking lower against the Swiss franc.
In economic news from the euro zone, Germany's economic confidence rose sharply in January to the highest level since May 2010 as financial market experts see the economic perspectives for the economy brightening up on a six months' time horizon, a survey by the Center for European Economic Research showed. The ZEW indicator of economic sentiment surged 24.6 points to 31.5 in January, far exceeded the expected reading of 12. At the same time, the assessment of the current economic situation improved slightly by 1.4 points to 7.1.
The prices of silver and platinum were ticking higher in morning deals.
From the U.S., the Commerce Department is scheduled to release the results of its existing home sales report for December at 10 a.m. ET. Economists expect home sales to come in at a seasonally adjusted annual rate of 5.10 million units compared to 5.04 million units in November.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.