Why is gold price down by 1.4% and silver by 6.5% today, and will precious metals witness rise or continue to drop? Gold, silver, platinum and palladium fall, analysts insights and market outlook explained. Here's what should investors do now

Why is gold price down by 1.4% and silver by 6.5% today, and will precious metals witness rise or continue to drop? Gold slipped as the U.S. dollar reached a one-month high. Rising inflation concerns, Federal Reserve rate expectations, and Strait of Hormuz tensions also impacted precious metals markets.