Gold prices rose for the first time in three sessions on Tuesday as the equities’ rally fizzled out and the dollar dropped.
The precious metal hit a high of $1222.77 an ounce, while currently trading around $1218.60 from the opening at $1208.21.
Asian shares failed to extend its rally on Tuesday, dropping from a seven-week high, as oil prices retreated.
Crude oil sagged to $32.60 a barrel from the opening at $33.28, following a 7 percent gain on Monday after optimistic remarks from the IEA report.
Investors flocked to safe havens, led by gold in commodities and yen, franc and euro in currencies.
The dollar dipped against a basket of major currencies on Tuesday, following its advance the previous sessions, ahead of U.S. confidence and housing data.
The green currency slipped to 97.20 from the session’s opening at 97.50, encouraging demand on bullion as an alternative investment.
The strong support at the psychological level of $1200 prevented bullion from incurring strong losses, while may put it on track to rising higher.
“Assets in SPDR Gold Trust, the top gold-backed exchange-traded fund, rose 2.64 percent to 752.29 tonnes on Monday, the highest since March 2015,” according to Reuters.
