Gold futures on the COMEX division of the New York Mercantile Exchange further decreased on Tuesday, as retail sales figures were lower than expected and traders hold that U.S. Federal Reserve is unlikely to carry out a new round of quantitative easing amid steady economic recovery.

The most active gold contract for April delivery fell 5.60 dollars, or 0.33 percent, to settle at 1,694.20 dollars per ounce.

The Commerce Department's release of U.S. retail sales started the gold market off negatively Tuesday, as the seasonal rise of 1. 1 percent was lower than expectations, which traders hoped to see at the 1.2 percent to 1.4 percent range. However, the 1.1 percent increase, or 407.8 billion U.S. dollars, was still the highest figure for U.S. retail sales in five months.

Traders also expressed uncertainty regarding the day's report by the U.S. Federal Reserve policy meeting. The release of the Fed statement was scheduled for 15 minutes after the gold market closed for the day, and many traders were anxiously waiting to see if the recent economic data indicating an improved economy would affect the Fed's utilization of quantitative easing policies.

The U.S. stock market saw huge gains Tuesday, including the NASDAQ's close at over 3,000, its first time above that level since the year 2000. Many perhaps hoped the rally would give outside market forces a positive tilt for gold, but the precious metal ultimately continued Monday's downward trend. For the first time since September, gold prices fell below those of platinum.

Platinum for April delivery increased 6.1 dollars, or 0.36 percent, to close at 1,701.8 dollars per ounce. Silver for May delivery also saw gains, rising 16.8 cents, or 0.51 percent, to settle at 33.58 dollars per ounce.