Gold Prices Set for Steepest Monthly Decline Since 2008

Gold prices rose on Tuesday as market participants reacted to potential de-escalation in Middle Eastern tensions, yet the metal remains on track for its steepest monthly decline in more than 17 years. The downturn comes as elevated energy prices have dampened expectations for interest rate reductions in the United States. Spot prices for the metal advanced 1.5% to $4,578.89 per ounce, while U.S. gold futures for April delivery rose 1.2% to $4,611.30.