Doha: Gold prices fell on Tuesday, weighed down by a broad sell-off and growing expectations of US interest rate hikes later this year, while investor focus shifted to key inflation data due later this week. Spot gold fell 0.7 percent to $4,298.75 an ounce, after dropping more than 1 percent earlier in the session. US gold futures for August delivery fell 0.9 percent to $4,323.90.
According to Qatar News Agency, among other precious metals, spot silver plunged 3.2 percent to $65.98 an ounce, platinum slid 1.1 percent to $1,736.08, and palladium fell 2.5 percent to $1,234.93. The downturn in precious metal prices reflects investor caution as they await forthcoming US inflation data, which is expected to provide insights into the Federal Reserve's monetary policy direction.