Gold dipped toward $4,700 an ounce on Tuesday as the U.S. dollar index climbed above 98.00 due to rising geopolitical tensions linked to the Iran conflict.
Spot gold fell 0.7 percent to $4,702.72 an ounce as stalled U.S.-Iran peace talks pointed to a continued closure of the Strait of Hormuz and investors priced out Federal Reserve rate cuts this year. U.S. gold futures were down 0.4 percent at $4,711.25.
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