Gold futures on the COMEX division of the New York Mercantile Exchange settled higher Tuesday, buoyed by expectations that the world's policy makers would roll out more easing measures to stimulate economy.

The most active gold contract for August delivery rose three U. S. dollars, or 0.2 percent, to settle at 1,616.9 dollars per ounce.

Market analysts said that although policy makers of G7 countries did not achieve concrete agreement on addressing economic problems, investors expected that weak economic data and longstanding debt problem in Europe will prompted them to take more effective measures and relaxed monetary policies such as quantitative easing.

It is reported that the G7 finance ministers and central bank governors agreed on Tuesday to coordinate their response to the euro zone's sovereign-debt crisis, but did not discuss the issue of a potential Greek exit.

A trader noted that gold has been trying to re-assert itself as a safe haven, but the dollar's strength limited Tuesday's gain. The dollar index, which measures the value of dollar against six other currencies, rose 0.31 percent to trade around 82.809 Tuesday.

Silver for July delivery gained 39.8 U.S. cents, or 1.42 percent, to settle at 28.405 dollars per ounce. Platinum for July delivery climbed 13.2 dollars, or one percent, to settle at 1,440. 5 dollars per ounce.