Dollar Rally Accelerates Slide in Metals

A customer checks a gold necklace before buying it at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, on May 3, 2022. Rupak De Chowdhuri/Reuters

Gold and other precious metals dropped on Thursday, with palladium shedding more than 8 percent, as investors flocked to the dollar-driven by bets the U.S. Federal Reserve will stick to aggressive rate hikes.

Spot gold fell 1.6 percent to $1,823.14 per ounce by 01:51 p.m. EDT (1751 GMT). U.S. gold futures settled down 1.6 percent at $1,824.60.