Gold settled below $1,250 an ounce on Tuesday, after technical selling sent prices to a three-month low as the U.S. dollar rose and investors worried that the Federal Reserve and other central banks would hike interest rates earlier than expected.
Gold’s drop and the dollar’s rally also weighed heavily on other precious metals, sending silver below $19 and platinum prices to a seven-month low.
U.S. gold futures for December delivery closed $5.80 lower at $1,248.50 an ounce. Spot gold was last down 0.5 percent at $1,249 an ounce. The metal closed down 1 percent on Monday, after earlier hitting $1,251.24 – its lowest since June.