Gold dropped more than 2% on Tuesday, as holidays in ‌major markets hit liquidity, while a stronger dollar and easing geopolitical tensions added to the pressure. Spot gold ​dropped 1.5% to $4,917.90 per ounce by 0800 GMT after hitting $4,862 per ounce, its lowest level in more ​than a week. ​U.S. gold futures for April delivery lost 2.2% to $4,936.60 per ounce.

"Thin liquidity with the holidays in the last 24 hours, especially in China and Asia, but ⁠also obviously in the United States too, means we just lacked a bid in the market," said Kyle Rodda, senior market analyst at Capital.com.

Mainland Chinese, Hong Kong, Singapore, Taiwan and South Korea markets are closed for the Lunar New Year holidays. U.S. markets were shut on ​Monday for Presidents' ‌Day.

The U.S. dollar ⁠index rose 0.3% ⁠against a basket of currencies, making greenback-priced bullion more expensive for holders of other currencies. The minutes of the ​Federal Reserve's January meeting, due Wednesday, could give investors further clues ‌about the central bank's future monetary policy path. The ⁠market currently expects the first of three interest rate cuts for the year to be in June, according to CME's FedWatch Tool.

"Now it's going to be interesting to see what these FOMC minutes say in the sense that the markets want many more rate cuts now than what the Fed said that it would do," said Ilya Spivak, head of global macro at Tastylive.

Non-yielding bullion tends to do well in low-interest-rate environments. On the geopolitical front, U.S. President Donald Trump said Monday he would be "indirectly" involved in U.S.–Iran nuclear talks in ‌Geneva on Tuesday, while Ukrainian and Russian representatives will also meet ⁠there this week for U.S.-mediated peace discussions.

"The immediate range top (for ​gold) is somewhere around $5,120, but the next real kind of objective here is back to the highs at $5,600 or so, and then of course, we march to record highs," Spivak said.

Spot silver ​fell 2% ‌to $75.05 per ounce, after dropping over 5% earlier.

Spot platinum dropped 1.5% to $2,010.72 ⁠per ounce, while palladium lost 1.9% to $1,692. (Reporting ​by Pablo Sinha in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)