Gold falls as U.S. equities market stabilizes

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Tuesday as the market stabilized after heavy losses largely attributed to the United Kingdom exiting the European Union.

The most active gold contract for August delivery shed 6.80 U.S. dollars, or 0.51 percent, to settle at 1,317.90 dollars per ounce.

U.S. equities bounced back on Tuesday, with the U.S. Dow Jones Industrial Average adding 139.84 points, or 0.82 percent as of 1730 GMT.

Analysts noted that this has not yet made up the losses of the past two trading days, which triggered a rush to the precious metal as a safe haven after the United Kingdom voted last week to leave the EU by 52 to 48 percent.

The referendum, dubbed as the "Brexit" by investors, is largely seen as a highly destabilizing move. Analysts noted that the potential for a Brexit has caused volatility in the market, driving investors to gold as a safe haven.

Some analysts also noted that profit-taking weighed on gold on Tuesday after gold advanced some 4.87 percent during the past two trading days, closing at its near two-year highest settlement level on Monday.

On the econimic frount, the U.S. Department of Commerce released its gross domestic product (GDP) report on Tuesday, putting pressure on gold as real GDP gained by 1.1 percent, which analysts noted was on the high end of the consensus range.

However, some analysts cautioned that the GDP price index was weaker-than-expected, which made this a slightly more mixed report.

In addition, the Conference Board reported Tuesday that its consumer confidence index rose to 98 in June from 92.4 in May, marking the highest level since October.

Silver for July delivery added 9.90 cents, or 0.56 percent, to close at 17.843 dollars per ounce. Platinum for October delivery lost 0.10 dollars, or 0.01 percent, to close at 980.60 dollars per ounce. Endit