CHICAGO, Jan. 16 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as the U.S. dollar strengthened.

       The most active gold contract for February delivery fell 21.40 U.S. dollars, or 1.04 percent, to close at 2,030.20 dollars per ounce.

       Rising U.S. Treasury yields also dampened gold.

       In remarks to the Brookings Institution, Federal Reserve Governor Christopher Waller said Tuesday that the Federal Reserve is likely to be able to cut interest rates this year, but there is no need for policy to be "rushed."

       "When the time is right to begin lowering rates, I believe (the rate) can and should be lowered methodically and carefully," Waller said.

       Other Fed officials will also speak this week, which may provide more clarity on the central bank's interest rate trajectory.

       The Federal Reserve will hold its monetary policy meeting on Jan. 30 and 31. Traders are expecting the Fed to hold the rate steady.

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       The New York Federal Reserve's Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 29.2 points in January to negative 43.7, the lowest level since the depth of the pandemic in May 2020.

       Silver for March delivery fell 23.60 cents, or 1.01 percent, to close at 23.093 dollars per ounce. Platinum for April delivery fell 16.70 dollars, or 1.81 percent, to close at 904.40 dollars per ounce.