Gold prices are falling on Tuesday as countries are weakening the restrictive measures introduced due to coronavirus, Prime reported.

The June gold futures price on Comex New York was down 0.87%, or $ 15, to $ 1,708.8 a troy ounce. May silver futures were down 1.16% to $ 15.033 an ounce.

Investors are following the news about the resumption of production and the gradual removal of restrictive measures by some countries.

So, Italy announced the weakening of measures since May 4, and New Zealand eased restrictions on Tuesday night. Some US states have also begun to lift quarantine restrictions, as it is assumed that the peak incidence rate has been passed.

"The fact that we're seeing these attempts from different countries to at least partially reopen is providing some downside to gold," Reuters reported quoting Warren Patterson, an analyst at ING.

Analysts interviewed by the agency stressed that the price of gold is likely to rise in the near future. However, its growth will be limited by declining demand from India and China, which are the main consumers of gold.

The pressure on the value of gold is also exerted by the strengthening of the dollar against major world currencies. Thus, the dollar index grew by 0.11%, to 100.15 points.