Gold and Silver settled lower in futures market on Tuesday, as comments from Federal Reserve officials raised expectations for further increases in interest rates this year.

Gold futures fell 3.20 dollars or 0.26 percent to close at USD 1,243.50 per troy ounce at the COMEX division of the New York Mercantile Exchange.

Silver futures declined 0.086 dollar or 0.52 percent to close at USD 16.45 per troy ounce at the COMEX.