Gold Prices Moving Higher Amid Pullback By U.S. Dollar

(RTTNews) - Gold prices have moved to the upside during trading on Tuesday, rebounding after kicking off the week on a slightly negative note.

After edging down $5.50 or 0.1 percent to $4,156.80 an ounce during Monday's trading, gold for December delivery is climbing $31.40 or 0.8 percent to $4,188.20 an ounce.

The increase by the price of gold comes amid a pullback in the value of the U.S. dollar, with the U.S. dollar index falling by 0.3 percent after reaching its highest levels in well over a year.

Earlier in the day, gold also benefitted amid an extended slump by the price of crude oil, although oil prices have recovered since then.

Treasury yields moved lower along with the price of crude oil and currently remain in the red, giving back ground after reaching multi-decade highs.

On U.S. economic front, a report released by the Commerce Department showed the U.S. trade deficit widened by more than expected in the month of August.

The Commerce Department said the trade deficit increased to $105.6 billion in August from a revised $92.8 billion in July.

Economists had expected the trade deficit to grow to $99.0 billion from the $88.6 billion originally reported for the previous month.