Oil prices rose slightly on Tuesday as the market weighed bearish U.S. economic data against OPEC's demand growth forecast and persistent geopolitical tensions.

Brent futures for May delivery rose by 21 cents to $82.42 a barrel at 11:50 a.m. EDT (1550 GMT). The April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents to $78.24.

Gold prices fell in Asian trade on Tuesday, retreating from record highs as traders lock-in some profits ahead of key U.S. inflation data that is widely expected to factor into the path of interest rates.

Growing bets on interest rate cuts by as soon as June, coupled with increased safe haven demand, saw bullion prices surge to new record highs in March, with spot prices coming close to breaching $2,200 an ounce.

The U.S. dollar slipped lower in early European trade Monday, trading near two-month lows ahead of the release of key U.S. inflation data for more clues over the timing of the start of the anticipated Federal Reserve rate-cutting cycle. 

At 04:30 ET (09:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 102.287, after registering a hefty weekly loss of over 1% last, falling to levels last seen in mid January.

Gold prices steadied just below record highs in Asian trade on Monday, with focus turning largely to upcoming U.S. inflation data for more cues on when the Federal Reserve will begin cutting interest rates. 

Expectations of rate cuts saw bullion prices rise sharply to record highs last week, especially as Fed Chair Jerome Powell said that inflation was close to reaching levels the Fed was comfortable with. 

Gold rallied to a record on Wednesday, building on stellar momentum driven mostly by bets for U.S. monetary easing, while autocatalyst palladium popped back above the $1,000 mark for the first time since Jan. 12.

Spot gold gained 0.8% to $2,145.09 per ounce as of 2:03 p.m. ET (1903 GMT) after hitting an all-time high of $2,152.09 earlier in the session.

A strong U.S. dollar will maintain the status quo in the near term, as markets brace for a risk the Federal Reserve's first interest rate cut gets delayed to the second half of this year, according to a Reuters poll of foreign exchange strategists.

Shrugging off a weakening trend late last year, the dollar has gained against nearly every currency tracked by traders and investors, and is up nearly 2.5% for the year.

Gold prices moved little in Asian trade on Tuesday, remaining within sight of record highs as uncertainty over the global economy and some bets on early interest rate cuts drove a sharp melt-up in bullion.

But the rally now appeared to have paused before more signals on the U.S. economy, particularly from comments from the Federal Reserve and key labor market data due later in the week.

The dollar edged down against a basket of currencies on Tuesday after data showed U.S. services industry growth eased and as investors braced for a busy week that includes a European Central Bank rate decision, congressional testimony from Federal Reserve Chair Jerome Powell and U.S. jobs data.

Bitcoin hit a record high on Tuesday before retreating sharply in a volatile session. The world's largest cryptocurrency is up nearly 50% this year, fueled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.

Gold prices swelled to settle at an all-time high on Monday, underpinned by ongoing geopolitical tensions and bets on a Fed rate cuts ahead of testimony from Federal Reserve chairman Jerome Powell later this week. 

Spot gold rose 1.5% to settled at a record of $2,126.30, while gold futures expiring in April 1.4% to $2,125.65 an ounce. 

Crude prices settled lower Monday, as widely expected decision from OPEC+ to extend its current pace of production cuts until the second quarter offered little support amid ongoing concerns tepid demand.

At 14:30 ET, or (19:30 GMT), the West Texas Intermediate crude futures for May fell 1.5% to settle at $78.74 per barrel, while Brent oil futures expiring in May had fell 0.8% to $82.86 a barrel.