Gold Gains in Asia as Slate of Speeches to set Market Tone

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Gold prices edged higher in Asia on Tuesday with two big speeches later in the day--British PM Theresa May on Brexit and Chinese President Xi Jinping at Davos on the global economic outlook setting the scene for the inaugural address by President-elect Donald Trump at the end of the week.

Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.78% to $1,205.55 a troy ounce, while silver futures for March delivery gained 0.58% to $16.862 a troy ounce. Elsewhere in metals trading, copper futures dropped 0.60% to $2.643 a pound.

Overnight, gold prices rose toward an eight-week high on Monday, as investors await more detail on the U.K.'s Brexit plan and the inauguration of Trump in the U.S. later this week.

Worries about the terms of Britain's departure from the European Union intensified following media reports that suggested May's government was prepared to make a "clean and hard" exit from the single currency region, ahead of her speech on Tuesday.

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