Gold dropped as much as 2.4% to about $4,091 an ounce in trading Tuesday, nearing a low from earlier this month, amid a broad selloff led by technology stocks that rippled through global markets. Silver plunged up to 5.8%, and other precious metals also declined as investors sold holdings to cover losses elsewhere, according to market reports. [1][2]
Analysts attribute the drop to a hawkish stance from the Federal Reserve and a stronger dollar, which offset the positive impact of progress toward a US-Iran peace deal. Federal Reserve Chair Kevin Warsh, nominated by President Donald Trump, has signaled a more aggressive approach to inflation, driving the dollar index up 0.8% since the last Fed meeting, according to a report. [3] The dollar’s strength tends to weigh on gold, which is priced in the US currency. [4]
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