Gold prices on Tuesday (27/7) have the potential to experience pressure due to increased market interest in risky assets with the strengthening of US stock indices overnight.

"The decline may also be caused by a consolidated market awaiting the results of the US central bank's monetary policy meeting on Thursday morning this week," said commodity analyst Ariston Tjendra in Jakarta.

He explained that the tapering signal from the Fed could put further pressure on gold prices and vice versa.

The gold price could test the range of US$1,780 per troy ounce today with a resistance range near US$1,815 per troy ounce.

"Tonight the market will look forward to US economic data, consumer confidence survey in July. Improved data could provide additional pressure for gold prices and vice versa," said Ariston.