US Dollar Strength Sinks Gold Prices Ahead of Fed Rate Decision

Gold prices plummeted on Tuesday as investors grew cautious ahead of the US Federal Reserve's monetary policy decision. The stronger US dollar and weak global sentiment weighed heavily on bullion prices, causing gold futures to fall sharply.

The Comex gold futures slipped by 0.85% to $4,041.42 per ounce, reflecting the broader weakness across global markets.

Market participants largely stayed on the sidelines as they awaited cues from the Federal Reserve's policy announcement scheduled for July 29. This decision is expected to provide clarity on the future trajectory of US interest rates and its impact on the economy.