Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday, trading affected by both a stronger dollar and concerns of a slowing Chinese growth rate that could affect demand.

The most active gold contract for April delivery decreased 20.3 dollars, or 1.22 percent, to settle at 1,647 dollars per ounce. It was gold's lowest settlement since March 14.

The release of a report from mining company BHP Billiton Ltd. sent markets downward this morning, as its note of decreased Chinese ore and steel demand led some to worry about the effects slowed Chinese growth would have on the world economy.

Many traders seemed to feel it would decrease Chinese demand for commodities in general, and as physical commodities have seen declines in recent trading such concerns were only magnified. A stronger U.S. dollar also had a negative effect on commodities, putting pressure on the market.

This morning also saw the release of February U.S. Housing Starts which posted 698,000 units, just a tad shy of the 700,000 expectation.

In India, the financial sector continues to react to a proposed measure calling for a doubling of customs duties for gold. In response, Indian jewelry stores closed their shops Saturday and say they will continue the protest until Wednesday. According to reports from the Bombay Bullion Association, Indian gold demand could fall by 35-50 percent in 2012 if the increased duties are implemented.

Silver for May delivery decreased 1.121 U.S. dollars, or 3.4 percent, to close at 31.834 dollars per ounce. April Platinum declined 30.4 dollars, or 1.8 percent, to 1,654.3 dollars per ounce.