The most active gold contract for June delivery fell 29.9 U.S. dollars, or 1.72 percent, to close at 1705.6 dollars per ounce.
Equities indexes went up worldwide on Tuesday, including the Dow Jones Industrial Average, the Japanese Nikkei Index, the Shanghai Composite Index, and almost all European indexes.
Hope for a COVID-19 vaccine also fueled investors' risk-on sentiment. U.S.-based biotechnology company Novavax announced Monday that it had begun human trials with expected results coming in July.
Gold was further put under pressure as a report released by The Conference Board on Tuesday showed the consumer confidence rose slightly to 86.6 in May.
Silver for July delivery fell 9.8 cents, or 0.55 percent, to close at 17.595 dollars per ounce. Platinum for July delivery fell 13 dollars, or 1.47 percent, to close at 873.3 dollars per ounce.