Gold falls as dollar rises and rate hike expected

Gold prices declined by more than 1% in Asian trading due to the rise of the US dollar and expectations of a Federal Reserve interest rate hike later this year, which reduced demand for the yellow metal. The spot price of gold fell by 1.4% to $4,131.61 per ounce, while futures contracts dropped by 2.2% to $4,151.10, amid investors awaiting peace talks between Washington and Tehran, as well as US inflation data on Thursday. Other precious metals also declined, with silver down 3.3% to $62.93 per ounce and platinum decreasing 2.2% to $1,646.60.

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