Gold futures on the COMEX Division of the New York Mercantile Exchange lost for the first time in three sessions on Tuesday, as a stronger dollar reduced demand for gold as an alternative asset.

The most active gold contract for February delivery lost 13.8 dollars, or 0.8 percent, to 1,664.5 dollars per ounce.

Gold price lost some steam on Tuesday, after many investors decided to move to the sidelines, as Greece has yet to conclude debt talks with its private debt holders to write down the country' s debt by 129.5 billion dollars.

Meanwhile, the safe-haven appeal of the greenback re-emerged as an impasse over efforts to restructure Greek debt may threaten Greece's ability to secure the next installment of bailout aid, increasing the risk of a sovereign-debt default.

The stronger dollar curbed investors' interest in the precious metal, as it makes the dollar-priced gold more expensive to holders of other currencies.

Silver for March delivery dipped 29.5 cents, or 0.9 percent, to 31.975 dollars per ounce.