Gold falls on upbeat economic data

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday on upbeat economic data.

The most active gold contract for February delivery fell 5.7 dollars, or 0.46 percent, to settle at 1,245.4 dollars per ounce.

U.S. Commerce Department reported Tuesday that sales at U.S. retailers rose 0.2 percent in December; and inventories at U.S. businesses went up 0.4 percent in November. U.S. Labor Department said Tuesday that prices of goods imported into the U.S. were unchanged in December and fell 1.3 percent for the full year.

A distinct uptick in key U.S. equity benchmarks further dampened gold.

Comments from Federal Reserve officials were also negative for gold. Philadelphia Federal Reserve Bank President Charles Plosser said Tuesday that the central bank should end its controversial bond-buying program sooner than the end of 2014; Dallas Fed President Richard Fisher said he wanted a 20-billion-dollar scaledown instead of a 10-billion-dollar one.

Deutsche Bank on Tuesday cut its 2014 average price forecast for gold to 1,141 dollars per ounce, down 14.7 percent from a previous forecast.

Prior to this, gold had risen for three consecutive sessions against the backdrop of Chinese Lunar New Year buying and increasing demand for U.S. gold coins.

Silver for March delivery lost 10.3 cents, or 0.51 percent, to close at 20.282 dollars per ounce. Platinum for April delivery shed 10.1 dollars, or 0.7 percent, to close at 1,433.8 dollars per ounce.