AMMAN — Gold prices retreated during Tuesday's trading, pulling back from three-week highs under pressure from a strengthening U.S. Dollar, which reduced the yellow metal's appeal.
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According to Bloomberg, spot gold fell by 1.5% to $5,150.38 per ounce, following strong gains earlier in the session. Similarly, U.S. gold futures for April delivery dropped 1.1%, settling at $5,170.70.
In other precious metals, spot silver plunged 3.1% to $85.50 per ounce, while platinum tumbled 2.9% to $2,092.31. Palladium also saw a decline of 2.1%, reaching $1,706.50.
Meanwhile, oil prices hovered just below their near seven-month highs, influenced by geopolitical tensions and uncertainty surrounding U.S. trade policy. Brent crude futures dipped 9 cents to $71.40 per barrel, while West Texas Intermediate (WTI) futures fell 11 cents to $66.20 per barrel.
The U.S. Dollar recovered its losses on Tuesday as trading resumed in China and Japan following public holidays. The Dollar Index (DXY), which measures the greenback against a basket of major currencies, rose 0.2% to 97.90.
