Gold prices declined for the tenth consecutive time on Tuesday, March 24, dropping by more than 1% due to the rise of the dollar and fading expectations for the Federal Reserve to cut interest rates in the near future.
The spot gold price fell by 1.4% to reach $4,345.48 per ounce, while U.S. futures for April delivery decreased by about 1.3%, settling at $4,348.60 per ounce.
The strengthening dollar contributed to increased costs of the precious metal for holders of other currencies. Other precious metals also saw significant declines, with spot silver down 2.5% to $67.37, platinum dropping 2.1% to $1,841.35, and palladium falling 2.8% to $1,393 per ounce.
