Gold prices fell more than 1% on tuesday:old prices fell more than 1% on Tuesday, weighed down by a firmer US dollar on expectations of a Federal Reserve interest rate hike this year. Spot gold was down 1.1% to $4,142.61 per ounce, while US gold futures for August delivery fell 1% to $4,160.20.
According to Qatar News Agency, spot silver dropped 3.3% to $63.05 per ounce, platinum lost 1.9% to $1,646.30, and palladium was down 1.8% to $1,242.75. The declines in these precious metals reflect the broader market's reaction to the strengthening dollar, which often inversely affects metal prices as it makes them more expensive for foreign investors.
The anticipation of a Federal Reserve interest rate hike has bolstered the dollar, impacting commodities priced in the currency. Investors are closely monitoring economic indicators and Federal Reserve communications for further guidance on the timing and magnitude of potential rate increases.