Investing.com – Gold prices fell on Tuesday while the dollar also dropped slightly against the other major currencies.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $5.1, or 0.4%, to $1,313.1 a troy ounce by 12:40AM ET (04:40 GMT).
Meanwhile, The U.S. Dollar Index that tracks the greenback against a basket of six major currencies last stood at 92.52, down 0.03%.
Gold prices were supported on safe-haven buying earlier in the day amid rising tension in Gaza, as Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday.
"We're seeing little sparks of interests on the back of these issues but at the moment it doesn't look significant enough to raise concerns over the medium-term which support a more sustained level of safe-haven buying," ANZ analyst DanielHynes said in a note, adding that gold prices is likely to remain under pressure until the next rate hike by the U.S. Federal Reserve.
Dollar-denominated assets such as gold are usually sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
In other precious metal trade, silver futures fell 0.8% to $16.51 a troy ounce, and platinum futures slipped 0.02% to $910.8 an ounce.