Gold prices inched higher early on Tuesday, with the dollar easing after weak U.S. manufacturing data dented expectations of an aggressive string of interest rate hikes by the U.S. Federal Reserve.

FUNDAMENTALS

Spot gol was up 0.1 percent at $1,231.06 per ounce at 0057 GMT. On Monday, t touched its highest since May 4 at 1,237.26.

U.S. gold futures were up 0.1 percent at $1,230.90 an ounce.

The dollar index , which measures the greenback's value versus the euro, yen and four other major currencies, was down about 0.1 percent.

The New York Fed said on Monday its barometer on business activity in New York state unexpectedly fell in May, sinking into negative territory for the first time since October, prior to the U.S. presidential election.

The platinum market is set to record its first surplus in six years in 2017, Monday, as a drop in demand from the vehicle industry, jewellers and investors outstrips a smaller fall in supply.

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