Gold loses over 1% as dollar firms, Fed cut hopes fade

Gold prices fell more than 1% on Tuesday, extending their slide to ‌a tenth straight session, pressured by a firm US dollar and fading hopes for near-term Federal Reserve interest rate cuts. Spot gold fell 1.6% to $4,335.18 per ounce, as of 0227 GMT. The metal fell ​to its lowest level since November 24 on Monday. US gold futures for ​April delivery fell 1.6% to $4,336.10. The dollar strengthened, making greenback-priced bullion more expensive ⁠for holders of other currencies. Prices are down “as markets continued to drive up interest rates, ​reasoning that the war in Iran will drive inflation. That global central banks will ​turn more hawkish as a result has been pushing gold lower,” said Ilya Spivak, head of global macro at Tastylive.