Gold traded flat on Tuesday, paring earlier gains as an equities rally and economic optimism reflected by the Dow Jones industrial average's run to its record high sapped demand for safe havens.
Platinum group metals rose sharply as a fresh strike in South African mines stirred supply fears. Bullion was initially supported after China said it planned to increase spending and to set its 2013 growth target at 7.5 percent.
Hopes of a strengthening U.S. economic outlook and the Dow's surge to an all-time high triggered bullion selling. "As long as equities keep hitting new highs, investors are not going to look toward gold.
The focus is on equities right now and it doesn't seem to be toward safe havens," said Howard Wen, metals analyst at HSBC.