In the international market, Gold prices fell as much as 1.7 per cent on Tuesday to their lowest in more than a week on stronger US Treasury yields while platinum eased in choppy trading after a rally that took it to a 6-1/2 year high.
Spot gold fell 1.1 per cent to $1,798.46 an ounce by 11:52 a.m. EST (1652 GMT), having touched its lowest since Feb. 4.
US gold futures fell 1.1 per cent to $1,804.00.
"Gold is shifting away from being an inflation hedge asset, as has been the case for most of 2020, into a safe-haven asset once again," said TD Securities commodity strategist Daniel Ghali, pointing to rising Treasury yields.
Bullion is considered a hedge against inflation expected from massive economic stimulus that has also pushed US 10-year Treasury yields higher, increasing the opportunity cost of non-yielding gold.
Also weighing on gold, US stock indexes hit all-time highs on optimism surrounding a $1.9 trillion US coronavirus relief package.
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