Gold was little changed in Europe on Tuesday afternoon, with the market disappointed over its inability to break decisively higher after bombings in Turkey and Iraq highlighted its safe-haven role on Monday, dealers said.
They added that the annual meet in London for the platinum industry had reduced liquidity across the precious metals complex with many players out attending events.
Currency moves were still seen as the main driver of the market, with a slightly stronger dollar on Tuesday keeping gold under pressure.
The euro slipped across the board on Tuesday after a key survey showed that investor confidence in Europe's largest economy, Germany, fell more than expected this month.
A weaker euro makes dollar-denominated gold less attractive for European investors.
Spot gold stood at $377.45.75/378.15 a troy ounce by 1441 GMT, compared with $379.35/380.05 in New York on Monday. The euro slid under $1.2000 to last trade at $1.1958.
Bullion stretched to a peak of $383.30 on Monday after attacks in Turkey and Iraq sparked a sell-off in the dollar, but the spike attracted selling pressure - leaving prices only modestly higher by the end of the day.
"This was a poor performance from gold, given the euro had surged above 1.20, the Indian equity market had collapsed by 15 percent in a day and the head of the Iraq Governing Council had been killed," Barclays Capital said in a daily report.
"This further confirms that 'sell the rally' remains the current trading theme in gold and clearly this will need to be broken before gold can challenge higher levels again," it added.
Gold is around 12 percent lower from a 15-year peak hit on January 6 at $430.50 an ounce.
Traders said gold could fall even further in months ahead as Europe entered its traditionally slower summer season.
"It is generally a dreadful period for metals. I think it (gold) could go back to around $360 and maybe see around $385/390 on the upside. I don't think it's going to do anything fantastic," one trader said.
Dealers in Asia said premiums for gold bars in Hong Kong and Singapore were steady at 40 US cents an ounce on the back of ample demand. Falling gold prices had encouraged jewellery manufacturers to build up stocks in Hong Kong, a key bullion trading centre in East Asia.
In other metals, platinum fell back underneath $800 as a spike on Monday towards $820.00 encouraged profit taking by Japanese private investors in Asian trade earlier, dealers said.
Precious metals refiner Johnson Matthey said on Monday the global platinum market was expected to be more or less in balance this year, with supplies maybe even exceeding demand for the first time after five years of deficit.
Spot platinum was quoted at $798.00/803.00, compared with $815.00/820.00 in New York. Palladium was trading at $235.00/240.00 an ounce, compared with $237.50/243.50 in late US trade.
Silver moved up to $5.71/5.75, versus $5.65/5.69 in New York.
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