rate cut

gold prices plummet by over 1% amid dollar surge and fading hopes for rate cut

Gold prices plummeted by more than 1% on Tuesday, marking the tenth consecutive session of decline, due to a surge in the US dollar and fading hopes for a rate cut by the Federal Reserve. The decline in gold prices is attributed to the strengthening US dollar, which makes the precious metal less attractive to investors holding other currencies. Additionally, the fading hopes for a rate cut by the Federal Reserve have contributed to the decline in gold prices.