Spot gold traded little changed from the previous afternoon fix price Tuesday with trading muted owing to the U.S. Independence Day holiday, market participants said.

Gold stood at $622.55/oz in the morning fix in London, barely changed from $622.95/oz at the previous afternoon fix. Profit taking overnight knocked prices back to the $617/oz mark before European traders entered the market and prices settled higher in the current $622-25/oz range.

Spot gold is expected to remain largely rangebound for the remainder of the session, with the absense of U.S. investors contributing to thin, whippy trading conditions, James Moore, analyst at TheBullionDesk.com, said.

Spot silver fixed at $11.23/oz, down 5 cents from $11.28 at Monday's afternoon fix. Metal appears to be building a comfortable base around the $11/oz mark with resistance seen at the 100-day moving average of $11.60/oz, Moore said.

Platinum fixed at $1,234/oz, down $5 on the previous afternoon fix price. A breach of the $1,245-65/oz resistance area should see the metal move to the $1,300/oz mark, TheBullionDesk.com said.

UBS believes sentiment toward precious metals has improved over the past two weeks with evidence that private clients are re-entering the market after the metals' recent sell-off.