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Gold futures were flat Tuesday morning as U.S. stocks were set to extend record highs.

The DJIA was on the verge of 26,000 for the first time, but gold has also risen lately despite a lack of risk aversion.

Gold was up $2 at $1336.20, the highest in four months.

The Empire State Manufacturing Survey for January will be published at 8.30 am ET. The consensus is for 18.6, slightly up from 18.0 in December.

On Wednsday, the Federal Reserve releases its Beige Book. Traders will be looking for clues about whether the Fed plans to raise interest rates in the coming months.