Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Tuesday for the second straight session as the U.S. dollar hit new highs in 2018.
The most active gold contract for June delivery went down 40 cents, or 0.03 percent, to settle at 1,313.70 dollars per ounce.
The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, rose 0.28 percent to 92.855 as of 1639 GMT.
Gold and the dollar usually move in opposite directions. When the dollar goes up, the precious metal will fall as dollar-priced gold turns less attractive to investors using other currencies.
The U.S. stock market posted losses on Tuesday, curbing the fall of gold.
However, when U.S. President Donald Trump announced his decision to withdraw from the Iran nuclear deal, the precious metal started to go upwards during the electronic trading.
Possible geopolitical tensions in the Middle East following the Trump administration's move on Iran will underpin the gold, a safe haven asset.
As for other precious metals, silver for July delivery fell 2.3 cents, or 0.14 percent, to settle at 16.472 dollars per ounce. Platinum for July was down 1.2 dollars, or 0.13 percent, to close at 912.10 dollars per ounce.
The most active gold contract for June delivery went down 40 cents, or 0.03 percent, to settle at 1,313.70 dollars per ounce.
The U.S. dollar index, a gauge of the dollar against a basket of other major currencies, rose 0.28 percent to 92.855 as of 1639 GMT.
Gold and the dollar usually move in opposite directions. When the dollar goes up, the precious metal will fall as dollar-priced gold turns less attractive to investors using other currencies.
The U.S. stock market posted losses on Tuesday, curbing the fall of gold.
However, when U.S. President Donald Trump announced his decision to withdraw from the Iran nuclear deal, the precious metal started to go upwards during the electronic trading.
Possible geopolitical tensions in the Middle East following the Trump administration's move on Iran will underpin the gold, a safe haven asset.
As for other precious metals, silver for July delivery fell 2.3 cents, or 0.14 percent, to settle at 16.472 dollars per ounce. Platinum for July was down 1.2 dollars, or 0.13 percent, to close at 912.10 dollars per ounce.
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