Spot gold gained 0.8 percent to $1,493.29 an ounce by 0019 GMT, off the record high of $1,497.20 hit in the previous session.

US gold futures were little changed, at $1,494.10.

Spot gold reached record highs in two consecutive sessions, as the momentum was boosted on Monday after Standard & Poor's threatened to downgrade the US credit rating, amid worries about Europe's debt crisis.

Federal Reserve officials offered clashing views on Monday of whether soft US growth or inflation pose a greater risk to the economy but the face-off looked unlikely to alter the Fed's ultra-loose stance for now.

Spot silver eased 0.4 percent to $43.16 an ounce, after hitting 31-year highs for three sessions in a row, as the weakness in the equities market affected sentiment in the precious metals that have industrial applications, such as silver and palladium.

Spot palladium fell 0.7 percent to $734.47.