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The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, shed 0.15% to hit 96.98, the lowest since February 22.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

U.S. interest rate futures are pricing in only one rate hike by the end of year, with virtually no chance seen of a rate move in March.

China's trade data, released around 10:30 a.m. SIN/HK time, also wasn't positive for sentiment, with February exports falling 25.4 percent in U.S. dollar terms, while imports fell 13.8 percent, with both declines wider than expectations. The drop in exports was the largest on-year drop since 2009.

Oil prices fell on Tuesday on weak Chinese trading data, but Brent remained over $40 a barrel after jumping to 2016 highs the previous day as producers announced talks to support the market and investors opened new bullish bets.

On the demand side, China's crude imports jumped 19.1 percent between January and February to 31.80 million tonnes(about 8 million barrels per day) despite overall weak commodity and trading figures released on Tuesday.

Reference: Investing, Reuters