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Dollar edges higher as gold falls amid hawkish Fed outlook

Investors will also focus on Reserve Bank of Australia monetary policy decisions during the early Asian session on Tuesday.

Reported · Written up by our desk · Major Pairs

Gold is under heavy selling pressure as a hawkish outlook for the Federal Reserve weighs on sentiment and geopolitical tensions continue to escalate, with investors looking for guidance from central bank comments and Middle East headlines, FXStreet reports. In the absence of high-impact macroeconomic releases, market attention is expected to stay on those drivers.

FXStreet also flags upcoming policy and political developments that could move currency markets. During the early Asian session on Tuesday, the Reserve Bank of Australia (RBA) will announce monetary policy decisions.

In parallel, FXStreet cites reporting that U.S. President Donald Trump rejected Iran's proposal to end the conflict and reopen the Strait of Hormuz, while Iranian Foreign Minister Abbas Araghchi said Iran is open to real diplomacy but ready to confront any new U.S. attacks, according to Al Jazeera as referenced by FXStreet.

FXStreet adds that the daily outlook includes a heat map of percentage changes showing the U.S. dollar's relative strength versus listed major currencies, with the dollar strongest against the Swiss franc at the time of early trading.

Latest closeGold $4,320.50 ▲0.5%

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