The price for an ounce of gold shed $7.60 and settled at $1,597.30 Monday on the Comex division of the New York Mercantile Exchange.
Silver lost 12 cents and closed at $28.68 an ounce.
Metal futures are currently in the shadow of equities, which have been on a winning streak since the start of the year.
The Dow Jones industrial average closed at a record high Tuesday and the Standard and Poor's index is within range of its all-time closing high, as well.
The dollar index was flat, rising 0.01 percent on the International Exchange.
Against the dollar, the euro was at $1.2858 from Monday's $1.2853. Against the yen, the dollar was higher 94.48 yen from 94.17 yen.
The British pound fell to $1.5157 from $1.5175. The dollar fell to 1.0163 Canadian dollars from 1.0214.
The U.S. dollar dropped to 7.7594 Hong Kong dollars from 7.7619 HKD.