Global gold prices declined further on Tuesday morning, dropping more than 2 percent in international trading. Spot gold fell 0.2 percent to 4,396.74 US dollars per ounce, marking its lowest level since November 24, when it had reached 4,097.99 dollars per ounce. US gold futures for April delivery also decreased by 1.5 percent to 4,340.90 dollars per ounce.

According to OANDA senior market analyst Kelvin Wong, the current volatility in the market is closely tied to developments in the ongoing US-Israel-Iran conflict. Mixed signals from the countries involved have made investors cautious, leading to instability across commodity markets. Since the onset of the conflict, gold prices have dropped by about 18 percent.

Other precious metals also saw declines. Spot silver fell 3.4 percent to 66.80 dollars per ounce, platinum dropped 2.1 percent to 1,841.68 dollars, and palladium decreased 2.7 percent to 1,395.25 dollars per ounce.