Commodities
Gold Tumbles Amid Stronger Dollar and Fed Uncertainty
Gold prices dropped by about 1% to around $4,030 an ounce on Tuesday due to a stronger US dollar and uncertainty surrounding this week's Federal Reserve policy decision.
The dollar neared a four-week high as markets anticipated a rate hike, with over a one-third chance of a hike priced in despite President Donald Trump's repeated calls for lower interest rates.
Traders also continued to price in an approximately 80% probability of a rate hike in September, reinforcing the expectation that borrowing costs will remain elevated.