Gold futures on the COMEX division of the New York Mercantile Exchange fell Wednesday, as investors looking for shelter from the steep declines in the US stock market favored the US dollar over the metal as a safe haven.

The most active gold contract for June delivery fell 4.7 dollars, or 0.34 percent, to settle at 1,382.7 dollars per ounce.

On Tuesday, gold rose 26.30 dollars, or 1.9 percent, The advance followed two consecutive sessions of declines which stripped prices of more than 200 US dollars an ounce. Gold prices declined as US dollar rallied against most currency rivals. Traders sought the safety of the greenback as stocks on Wall Street posted steep losses on Wednesday, according to market analysts.

The dollar index traded at 82.564, up from 81.781 late Tuesday. Strength in the greenback tends to pressure prices for gold, as it makes the metal more expensive for foreign investors to buy.

Sentiment in gold has suffered after recent cuts to price forecasts for the metal, as well as outflows from gold exchange- traded products. Goldman Sachs and Morgan Stanley have each cut their price forecasts for gold for this year and next.

Given that backdrop, silver for May delivery fell 32.1 cents, or 1.36 percent, to close at 23.307 dollars per ounce.