Gold prices slipped on Tuesday, as a firm dollar weighed on sentiments. Apart from this US treasury yields also moved higher, which pushed prices of gold lower. US Treasury Yields and gold prices tend to move in opposite directions.
Spot gold had fallen more than 1 per cent earlier on Monday. Spot gold in the US markets was last seen trading at US Dollar 1,709 an ounce.
Most analysts views on gold are mixed. While some believe that one could adopt a bullish stance, others believe that a sharp rally in the precious metal is unlikely in the foreseeable future.
"We see virtually no scope for noticeably higher prices until mid-year, though gold should be able to make significant gains in the second half of the year," Commerzbank analysts wrote in a note.
In India, gold was retailing at around Rs 41,000 to Rs 43,000 for 22 karats. It is likely that we will see gold trade in a tight range in the coming days.