CHICAGO, April 21 (Xinhua) -- Gold futures in New York declined on Tuesday as a rebound in equities eroded demand for the precious metal as an alternative.

    Gold futures for June delivery fell 4.80 dollars, or 0.5 percent, to 882.70 dollars an ounce on the New York Mercantile Exchange. Earlier, the price jumped 1 percent to 896.40 dollars.

    The gold market made an initial attempt to move higher on safe haven buying tied to lingering concerns over corporate earnings. The ebb and flow of the equity markets remain the primary influence on gold prices.

    After Treasury Secretary Timothy Geithner said "the vast majority" of banks have more capital than they need, the equity markets turned to positive territory. The S&P 500 index rose 2.1 percent to 850.08 after dropping as much as 0.7 percent earlier.