Gold declines by 1%

EGYPT (Aug 16)  Gold prices decreased on Tuesday after falling more than 1 percent in the previous session due to an uptick in the U.S. dollar and worries over further U.S. interest rate hikes.

Spot gold decreased 0.1 percent at $1,777.46 per ounce, as of 0054 GMT. Gold got its lowest since Aug. 8 at $1,772.30 on Monday.

U.S. gold futures declined 0.2 percent to $1,793.90 per ounce.

The dollar increased 0.1 percent to a more than one-week high against its rivals. That’s makes gold more expensive for buyers holding other currencies

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