Gold prices rose on Tuesday for the first time in 4 days, as the US dollar fell, while demand rose due to bargain hunting after prices fell.

Gold prices rose 0.4% to $1,826.46, after opening at $1,819.22, and hit a day low at $1,817.52.

The yellow metal closed lower by 0.3% yesterday, in its third straight daily loss, due to slow safe-haven demand.

The dollar index fell more than 0.3% today, extending its losses for the second straight day, and hit a 3-week low of 90.11 points.

A falling US dollar lifts the prices of gold and other dollar-denominated metals, as it makes them cheaper for other currencies holders.

The US dollar fell due to weak demand, amid optimism about the global economic recovery thanks to massive stimulus measures and vaccination campaigns.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since June 12 of 1,142.22 metric tonnes.

European stocks rose on Tuesday, extending gains for the fourth straight session and hit a 1-year peak, amid improved investors' sentiment thanks to hopes for a fast global economic recovery.

The Stoxx Europe 600 index rose 0.1% as of 11:15 GMT, and hit the highest since February 2020 at 420.6 points, after it closed higher by 1.3% yesterday, in the third straight daily gain thanks to positive updates about Covid-19 vaccination campaign in the UK.

The mining sector saw the largest gains in Europe today, rising around nearly 1.5%, as most industrial metals prices rose.

The World Health Organization (WHO) officially agreed to grant emergency use to the Covid-19 vaccine developed by AstraZeneca and the University of Oxford.

The Euro area GDP reading fell 0.6% in the fourth quarter of 2020, less than expected of a drop by 0.7%.

S&P 500 futures rose more than 0.2%, and hit a record high after the index closed higher by 0.5% on Friday and hit its record high of 3,937.23.

Back to Europe, the Euro Stoxx 50 index rose 0.1%, France's CAC 40 rose 0.3%, the UK's FTSE 100 added 0.2%, and Germany DAX index rose 0.1%.

Oil prices fell on Tuesday, to pullback from a 13-month high on profit-taking, amid focus on the cold weather conditions in the US that suspended most of Texas' supply.

US crude fell 0.9% to $59.60, after opening at $60.31, and hit a day high at $60.31, and Brent crude fell 0.5% to $62.96, after opening at $63.30, and hit a day high at $63.68.

US crude rose 0.8% yesterday, the second straight daily gain, after hitting a 13-month high at $60.92, while Brent crude futures rose 1% and hit the highest since January 2020 at $63.74.

Oil prices were lifted thanks to the OPEC-Plus coalition's output cuts and Saudi Arabia's decision to voluntarily cut its oil production, in addition to hopes of the US economic stimulus.

A deep freeze in the US forced most oil wells and refineries in Texas to suspend production and restricted natural gas operators and pipelines.

The rare deep freeze also forced electrical power suppliers in Texas to cut power periodically, which left around 3 million homes without electricity.

Bearing in mind that Texas produces about 4.6 million barrels per day, with more than 31 refineries, according to US Energy Information Administration's data.

Asian stock indices opened the second session of the week higher amid rising economic optimism and a quicker pace of Covid 19 vaccinations, while the US administration prepares a $1.9 trillion stimulus package. 

Bank of Australia released the minutes of its meeting, at which it maintained rates at record lows of 0.10%, with policymakers focusing on sustained monetary support for some time. 

RBA's policymakers don't expect raising rates until inflation reaches a sustainable 2-3%, most likely not before 2024. 

From Japan, the tertiary industrial index fell 0.4% in December, compared to a 0.6% drop in November. 

Japan's Nikkei 225 is trading above record 30,000 after piercing it yesterday for the first time since 1990, while TOPEX hit 1991 highs as energy, healthcare, and oil sectors spiked. 

Recent Japanese data showed slower growth in the last quarter but still beat estimates, bolstering hopes for a quick recovery in Japan. 

Otherwise, Australia's Victoria state is facing the spread of a new coronavirus strain, hitting economic output ion the area. 

Japan's TOPEX rose 0.89% to 1,971, while Nikkei 225 climbed 1.60% to 30,564. 

Hong Kong's Hang Seng rose 1.45% to 30,612, while South Korea's KOSPI climbed 0.21% to 3,153.

New Zealand's NZX 50 climbed 0.56% to 12,580, while Australia's S&P/ASX 200 added 0.24% to 6,885.