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Investec Australia pegged support at $771 an ounce and resistance at $795 an ounce.

The benchmark October 2008 gold futures on the Tokyo Commodity Exchange finished down 27 yen per gram, or 0.9 percent, at 2,911 yen.

Spot silver hit an intraday high of $14.51 an ounce on fund buying, its best level since late February, as it caught up with gold's gains.

It later dipped to $14.35/14.39, down from late New York levels of $14.39/14.44.

In the currency market, the euro fell 0.1 percent from late U.S. trade to $1.4404 , off a record peak of $1.4439 hit on trading platform EBS on Monday, the highest since its launch in 1999.

The dollar eased 0.2 percent to 114.43 yen but was above a six-week low of 113.25 yen.

The most-active December gold contract on the COMEX division of the New York Mercantile Exchange slipped $4.4 ounce to $788.2 in electronic trade.

In industry news, Papua New Guinea miner Lihir Gold Ltd cut its 2007 production forecast by about 6 percent on Tuesday, after strike action reduced its third-quarter output to 157,000 ounces of gold.

It said output for calendar 2007 was expected at about 750,000 ounces.

Meanwhile the New York Mercantile Exchange said the open interest levels of its gold futures breached 500,000 contracts to reach a new record high.