June futures on the S&P/TSX index were up 0.3% at 6:53 a.m. ET (10:53 GMT), mirroring gains in their Wall Street peers. [.N]

Spot gold prices rose to near record-high levels as risks of the Middle East conflict spreading to other regions brought safe-haven flows into bullion, alongside short-term support from falling U.S. dollar and Treasury yields. [GOL/]

Base metals also gained as supply worries outweighed demand concerns. [MET/L]

On the flip side, oil prices slipped as likely higher U.S. commercial inventories weighed, while weaker Chinese economic data and dimmed prospects of interest rate cuts stoked worries about global demand. [O/R]

Data showed on Tuesday that Canada's core inflation measures eased for a third consecutive month in March, strengthening bets of a June rate cut by the Bank of Canada.

Investors awaited fresh clues to gauge when the central banks' would commence their easing cycle, both at home and in the United States.

Meanwhile, a new tax on wealthy individuals that will bring in billions of dollars over the next five years to help fund housing programs was revealed at the country's federal budget on Tuesday.

The Toronto Stock Exchange's S&P/TSX composite index ended 0.45% lower on Tuesday, tumbling to its lowest point in over a month, and logging its longest losing streak since October last year. [.TO]

Meanwhile, corporate earnings in the U.S. continue to gain momentum, with more financial institutions, among other companies, set to report their results on Wednesday.

COMMODITIES AT 6:53 a.m. ET

Gold futures: $2,392.6; -0.1% [GOL/]

US crude: $84.56; -0.9% [O/R]

Brent crude: $89.18; -0.9% [O/R]

(Reporting by Purvi Agarwal in Bengaluru; Editing by Ravi Prakash Kumar)