Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly Tuesday, as news of recent European credit downgrades and uncertainty concerned some investors.

The most active gold contract for April delivery fell 7.2 dollars, or 0.4 percent, to 1,717.7 dollars per ounce.

Gold spent a significant amount of time below Monday's closing value, as weaker than expected U.S. retail sales and continuing uncertainty in Europe cast a negative light on trading.

Late Monday, credit rating agency Moody's announced credit downgrades to the sovereign debt ratings of 6 European countries including Italy and Spain, putting pressure on the market and weakening the Euro in morning trading. And the dollar's rally eroded demand for the precious metal as an alternative investment.

Other precious metals also saw declines in trading Tuesday due to the European situation. Silver for March delivery fell 37.4 cents, or 1.1 percent, to 33.348 dollars per ounce. Platinum for April delivery fell 21.7 dollars, or 1.3 percent, to 1,628 dollars per ounce.