Gold Price Dips to $1,211.59 per Ounce

On Tuesday morning, the gold price fell 0.2 percent, to $1,211.50 per ounce, in response to the dollar’s rebound against world currencies. Meanwhile, US gold for June delivery dropped 0.6 percent, to $1,211.30 an ounce.

Those falls followed strong Monday trading during which gold rose above $1,224.10 per ounce.

A strong dollar makes the yellow metal more expensive for investors who hold foreign currencies, and the dollar’s performance is likely to dictate gold prices until the Federal Reserve enacts an expected interest rate hike later this year.