Gold futures edged higher Tuesday, finding support as global equities saw weakness and Treasury yields added to their recent rise.

“As concerns rise over receding monetary support from central banks, there is a danger that the stock markets could hit the reverse gear. If so, this should be good news for safe haven gold and silver, which tend to go up during times of market turmoil,” said Fawad Razaqzada, market analyst at, in a note.

February gold futures GCG8, +0.37% rose $2.60, or 0.2%, to $1,342.90 an ounce. March SIH8, +0.60% rose 7.8 cent, s or 0.5%, to $17.205 an ounce. The exchange-traded SPDR Gold Shares GLD, +0.28% were trading flat as was the silver-focused iShares Silver Trust SLV, +0.37%

Global equities were weaker Tuesday, with U.S. stock-index futures pointing to a slump at the opening bell. Treasurys extended a selloff, with the yield on the 10-year note TMUBMUSD10Y, +0.66% pushing back above 2.7%. Yields rise as debt prices fall.

Rising yields can often be seen as a negative for gold, in part because the commodity offers no yield and because rising yields can contribute to a stronger dollar. But the currency has been under pressure as yields have edged higher. The ICE U.S. dollar index DXY, -0.38% a measure of the U.S. currency against a basket of six major rivals, was off 0.3% at 89.06.

On the economic front, Case-Shiller data on U.S. home prices for November is due at 9 a.m. Eastern, while consumer confidence figures for January are set for 10 a.m. Eastern. The Federal Reserve’s rate-setting panel begins a two-day policy meeting that is expected to underline investor expectations for a March rate increase.

In other metals trade, April platinum PLJ8, -0.59% fell 1.1% to $1,001.50 an ounce, while March palladium PAH8, -1.68% was off 0.4% at $1,078.80 an ounce. March copper HGH8, -0.14% declined 0.1% to $3.1915 a pound.