Gold prices are down as economic data and risk aversion dampened

Gold prices fell on Tuesday as positive economic data and US earnings boosted risk sentiment, reducing demand for the precious metal.

At 9:02 am EDT (13:02 GMT), gold futures for June delivery on the COMEX index on the New York Mercantile Exchange fell 9.45 dollars, or 0.7%, to $ 1.281.85 an ounce.

China saw housing prices rise in March at the fastest pace since April 2017, easing concerns about a slowdown in the world's second-largest economy - as well as better-than-expected export and credit figures released last week.

German economic sentiment from ZEW surpassed earlier expectations in April, reflecting less gloomy outlook for the Eurozone economy engine.

Concerns about the global economic slowdown, especially in China and Europe, are fueling a safe haven for gold.

The bullish quarterly reports from Bank of America (NYSE: BAC), United Health (NYSE: UNH) and Johnson & Johnson (NYSE: JNJ) boosted risk sentiment on Tuesday at the expense of the yellow metal as investors took the issue of US equities.

In other metal trading, silver futures fell 0.7% to $ 14.873 an ounce by 9:03 am Eastern Time (13:03 GMT).

Palladium futures futures rose 0.3% to $ 1338.75 an ounce, while fraternal platinum dropped 0.2% to $ 892.40.

In basic metals, copper rose 0.1% to $ 2.938 per pound.

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