Gold prices rose slightly on Tuesday, supported by a weak dollar, but are heading to record their worst monthly performance in more than 17 years this year. Spot gold rose 0.8 percent to $4,544.19 per ounce, while U.S. gold futures for April delivery rose 0.3 percent to $4,573.20.
Gold has lost about 14 percent since the beginning of this month, heading toward its largest decline since October 2008, under pressure from a rising dollar. However, prices have risen by about five percent so far this quarter.
Traders have almost entirely ruled out any possibility of the Federal Reserve (the U.S. central bank) cutting interest rates this year, as rising energy prices threaten to fuel broader inflation.
