Gold Prices Fall to Three-Month Low as Dollar Strengthens

Gold prices dropped more than one percent, marking a third consecutive week of losses and pushing the precious metal to its lowest level since June 11. The decline was driven largely by a strengthening U.S. dollar, which came under upward pressure following signals from the U.S. Federal Reserve — the central bank of the United States — regarding its monetary policy outlook. A stronger dollar typically makes gold and other commodities priced in dollars more expensive for foreign buyers, reducing demand and weighing on prices. Other precious metals also came under pressure amid the same market dynamics.