Gold Declines as Strong Dollar Weighs on Prices

Gold prices fell on Tuesday after the dollar hit its highest level in more than two weeks. Investors are assessing U.S. President Donald Trump’s more cautious stance on imposing tariffs on trade partners.

Spot gold dropped 0.6% to $3,006.84 per ounce, while U.S. gold futures declined 0.2% to $3,015.60 per ounce at settlement.

The precious metal has hit 16 record highs this year, peaking at $3,057.21 per ounce last week.

The dollar rose 0.2%, making gold more expensive for buyers outside the United States.

Among other precious metals, silver fell 0.3% to $32.94 per ounce, platinum declined 0.5% to $969.77, and palladium dropped 0.7% to $951.10.

Last Friday, Donald Trump suggested there could be some flexibility regarding the counter-tariffs set to take effect in early April, which are expected to fuel inflation and hinder economic growth.