Gold and Silver Prices Dip as Dollar Firms Up and Fed Remains Hawkish

Gold and silver prices edged lower in early Tuesday trading as the US dollar firmed up and Federal Reserve officials maintained their hawkish tone. Spot gold was changing hands around $4,336.50 per ounce, down 0.15%, while spot silver stood at $65.73, a drop of 0.26% for the session.

The stronger dollar and prospect of another interest rate hike weighed on precious metals, despite cheaper oil prices and lower Treasury yields providing some support. The Fed's decision to raise rates last week has left market participants questioning whether it was a one-off move or the start of a longer tightening cycle.

Attention remains focused on whether policymakers will signal further action at upcoming speaking engagements, with several Fed officials scheduled to speak later in the day. Meanwhile, crude prices and 10-year Treasury yields have declined for five consecutive sessions, softening the near-term strain on gold.