Updated from 11:16 a.m. ET with settlement prices.

NEW YORK (

TheStreet

) --

Gold prices

dropped on Tuesday as a pop in consumer confidence and equities turned traders from the yellow metal's safe-haven appeal.

Gold for June delivery at the COMEX division of the CME closed off $7.70 to settle at $1,378.90 an ounce. The

gold price

traded as high as $1,401 and as low as $1,372.10 an ounce, while the spot price was dipping $4.10, according to Kitco's gold index.

The Conference Board Consumer Confidence Index jumped to 76.2 in May, up from 69 in April, to post its highest point in five years.

Gold also slipped as investors moved into equities, which

were surging more than 1%

and nearing all-time highs.

"A lot of people think on equities that new high is going to be breached . . . so, still no reason to hold gold with very little inflation," said Phil Streible, a senior commodities broker at RJO Futures.

Silver prices

for July delivery ticked lower by 30 cents to $22.19 an ounce, while the

U.S. dollar index

was climbing 0.54% to $84.11.

Prices received a slight boost when the S&P/Case-Shiller 20-city home price index posted a March increase of 10.9%, up from 9.3% in February. Economists polled by

Thomson Reuters

were expecting prices to rise by 10.2%. The brief increase in gold on the housing news occurred because the larger-than-expected upswing in home prices suggests an upswing in inflationary pressure.

Gold mining stocks were mixed on Tuesday. Shares of

Kinross Gold

(KGC) - Get Report

were falling 2.8%, while shares of

NovaGold Resources

(NG) - Get Report

were adding 2.2%.

Among volume leaders,

Barrick Gold

(ABX)

was down incrementally at $19.16 a share.

Gold ETF

SPDR Gold Trust

(GLD) - Get Report

was sliding 0.17% to $133.53, while

iShares Gold Trust

(IAU) - Get Report

was down 0.3% to $13.41.

-- Written by Joe Deaux in New York.

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