Dollar Strength, Fed Uncertainty Weigh on Gold and Silver Prices

Gold and silver prices declined on Tuesday as investors waited for the outcome of the US Federal Reserve's policy meeting, while a stronger US dollar made precious metals more expensive for holders of other currencies.

The Comex gold futures contract fell $66 per troy ounce to an intraday low of $4,011, and silver futures dropped nearly $1.85 per troy ounce to $56.86.

Expectations of higher interest rates have strengthened since the US-Iran conflict in late February, keeping precious metals out of investors' favour as they do not offer any yield.