Spot gold fell approximately 1.5% to $4,610 an ounce on Tuesday, marking a three-week low. This downturn directly impacts the SPDR Gold Shares (GLD) ETF as it tracks bullion prices.
A strengthening U.S. dollar drove the sell-off by making gold more expensive for international buyers. Investors are now awaiting interest rate decisions from the U.S. Federal Reserve, the European Central Bank, and the Bank of England later this week.
Rising oil prices fueled by stalled U.S.-Iran talks have increased inflation concerns and added further pressure to the metal. Analysts shifted to a bearish short-term outlook after gold breached key technical support levels.