London: Gold prices fell more than 2% on Tuesday, pressured by a firmer US dollar on expectations of US Federal Reserve interest rate hikes this year, while investors assessed US-Iran talks.

According to Qatar News Agency, global stocks also declined amid concerns over AI-related share valuations and expectations of higher interest rates. The spot gold price fell 2.2% to $4,099.84 per ounce by 07:53 GMT. Meanwhile, US gold futures for August delivery dropped 2% to $4,117.70.

Among other precious metals, spot silver fell 5% to $61.90 per ounce, platinum declined 3% to $1,628.55, and palladium dropped 2.9% to $1,229.28.