Gold declines by more than 1% as the dollar rises and hopes for a rate cut fade

Gold prices fell by more than one percent today, continuing their decline for the tenth consecutive session, affected by the rise in the dollar and fading hopes for the Federal Reserve (the US central bank) to reduce interest rates in the near term.

The price of gold in spot transactions fell 1.4 percent to $4,345.48 per ounce by 01:08 GMT.

US gold futures for April delivery fell 1.3 percent to $4,348.60.

The dollar rose, making the precious metal more expensive for holders of other currencies.

Gold prices in spot transactions have fallen by about 18 percent since the start of the US-Israeli war on Iran on February 28, while the dollar has emerged as one of the largest beneficiaries of the demand for safe-haven assets.

Oil prices stabilized above $100 per barrel.

As for other precious metals, silver in spot transactions fell 2.5 percent to $67.37 per ounce. Platinum fell 2.1 percent to $1,841.35, while palladium fell 2.8 percent to $1,393.