Gold prices fell by more than 1% on Tuesday, putting the precious metal on track for its biggest monthly loss since October 2008, as easing geopolitical tensions and growing expectations of higher U.S. interest rates weighed on the market.
Spot gold declined 1.5% to $3,956.92 per ounce, while U.S. gold futures fell 1.7% to $3,969.30.
The decline comes amid expectations of tighter U.S. monetary policy, with investors awaiting fresh economic data that could shape the Federal Reserve's next policy decisions. Meanwhile, the strengthening U.S. dollar continued to exert additional downward pressure on the precious metal.
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