Gold futures settled 1 lower on Tuesday as global equities rose after Russian President Vladimir Putin's latest comments on Crimea lifted appetite for risk, while investors awaited a U.S. Federal Reserve policy meeting.
In a speech to a joint session of parliament, Putin said Russia does not want to seize more of Ukraine after approving plans to make Crimea part of Russia.
"It is very difficult to trade that type of event risk like Ukraine because it could end any day and to buy gold only on the back of that it is not sustainable and that's why we see that support fade ...until some new headline comes out again,'' Standard Bank analyst Walter de Wet said.
U.S. gold futures for April delivery settled $13.90 lower at $1,359.00 an ounce, having earlier hit a session low of $1,351.10.
Spot gold was last down 0.6 percent at $1,358 an ounce. The metal rallied on Monday to a six-month high at $1,391.76 before investors started to cash in profits.