Gold and silver futures prices declined amid profit-taking by investors to capitalize on previous gains, given the record highs recorded.
During Tuesday's trading, gold futures for February delivery fell by 0.35% or $16.40 to $4598.30 per ounce.
While the spot price of gold fell by 0.2% to $4,589.41 an ounce, its counterpart for silver rose by about 0.25% to $85.31 an ounce.
Meanwhile, the dollar index, which measures the performance of the US currency against a basket of six major currencies, rose by 0.15% to 99 points.
Silver futures for March delivery also fell by 0.25% to $84.88 an ounce, while spot prices for platinum dropped by about 0.85% to $2,321.66, and palladium by 1.8% to $1,824.64.
Citibank raised its price targets for gold and silver over the next three months to $5,000 and $100 per ounce respectively, citing strong investment momentum and its expectation that factors supporting higher prices would continue during the first quarter of the year, according to Reuters.