Investing.com – Gold futures closed down 0.5% at $1,170.10 per troy ounce on the New York Mercantile Exchange’s Comex division on Tuesday afternoon.
Prices for gold are now down approximately 12% from their November highs.
The stronger dollar was seen as a factor in tamping down the price of the precious metal, as a stronger dollar has weighed down gold, historically.
An expected interest rate hike by the Federal Reserve later this month also shaped investors’ expectations about gold prices.
A final factor dampening the price of the commodity: analysts at Germany’s Commerzbank AG O.N. (DE:CBKG) reported pricing pressure from steady outflows from exchange-traded funds that purchase gold.
These investors have withdrawn money from ETFs for 17 straight sessions.