Gold falls from three-week high as dollar firms

[BENGALURU] Gold prices fell from a more than three-week high on Tuesday (Feb 24), as pressure from a stronger US dollar outweighed support from US tariff uncertainty and Washington-Tehran tensions.

Spot gold fell 1.5 per cent to US$5,150.38 per ounce by 9.25 am after hitting a more than three-week high earlier in the day.

US gold futures for April delivery were down 1.1 per cent at US$5,170.70.

The US dollar rose, making greenback-priced bullion more expensive for other currency holders.

US President Donald Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.

Federal Reserve governor Christopher Waller said that he was open to leaving interest rates on hold at the March meeting if the upcoming February jobs data indicated the labour market had “pivoted to a more solid footing” after a weak 2025.

Markets currently expect three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.

Asian stock markets stuttered in early trade on Tuesday as a sell-off on Wall Street overnight rattled investors, with sentiment hurt by heightened uncertainty over US President Donald Trump’s tariff policy and rising geopolitical tensions.

The State Department is pulling out non-essential government personnel and their eligible family members from the US embassy in Beirut, a senior State Department official said on Monday, amid growing concerns about the risk of a military conflict with Iran.

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Spot silver fell 3.1 per cent to US$85.50 per ounce, after hitting a more than two-week high on Monday.

Spot platinum lost 2.9 per cent to US$2,092.31 per ounce, while palladium shed 2.1 per cent at US$1,706.50. REUTERS