Gold Prices Plummet as Dollar Strengthens Ahead of Fed Meeting

Gold prices fell on Tuesday ahead of the Federal Reserve's two-day policy meeting, where markets expect the US central bank to raise interest rates. The dollar index rose by 0.25% to 99.63, signaling a strengthening US currency.

The CME Group's FedWatch Tool indicates that traders see a roughly 93% probability of the Fed raising interest rates. This expectation has had a negative impact on gold prices, which declined during Tuesday's trading.

Other precious metals also saw price decreases, with silver falling by 0.75%. However, platinum and palladium prices rose by 0.40% and 0.25%, respectively.