Gold futures closed lower on Tuesday, giving back some of what they gained a day earlier on the back of strength in the U.S. dollar and a rebound in stocks traded on Wall Street. April gold GCJ4 +0.21% shed $8.70, or 0.7%, to settle at $1,251.20 an ounce on the Comex division of the New York Mercantile Exchange after gaining more than $20 on Monday. Gold "traded within a tight band" as the global equities markets took a breather from Monday's volatile start, said Edmund Moy, chief strategist at gold-backed IRA provider Morgan Gold. Gold prices also edged lower for most of the day without support from Asia, where gold retailers remained closed until Thursday for the Lunar New Year holiday.
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