Gold futures on the COMEX division of the New York Mercantile Exchange declined on Tuesday despite the fact that U.S. dollar weakened against Euro and other major currencies.

The most active gold contract for August delivery went down 5.7 dollars, or 0.45 percent, to settle at 1,265.70 dollars per ounce.

The U.S. dollar index dropped 0.30 percent to 97.29 as of 1720 GMT. The index is a measure of the dollar against a basket of other major currencies.

The current downturn of U.S. dollar occurred as the Euro and British pound rebounded following recent losses driven by political uncertainty in Europe.

However, a weakening U.S. dollar failed to lead to rising gold futures at a time when many expect the Federal Reserve will again raise its key interest rate in June.

According to CME Group's FedWatch, traders now foresee a 88.8 percent probability of a U.S. interest rate hike during Fed's June meeting.

Higher interest rates will support U.S. dollar and curb demand for gold, as the precious metal is priced in U.S. dollar and foreign investors have to pay more when using other currencies.

As for other precious metals, silver for July delivery rose 10.4 cents, or 0.60 percent, to close at 17.427 dollars per ounce. Platinum for July delivery was down 21.8 dollars, or 2.26 percent, to settle at 941.1 dollars per ounce.