Gold trades on the back foot as a firmer US Dollar weighs

"Current gold prices are significantly influenced by the strength of the US Dollar. The ongoing declines as traders lock in profits reflect the market sentiment. The robustness of the US economy supports the Dollar, applying downward pressure on gold prices. Moving forward, the movements of the Dollar are expected to have a critical impact on the gold market, necessitating a reassessment of strategies by investors. The rejection at the psychological barrier of $4,500 suggests that a recovery at the current price levels is unlikely, putting stronger selling signals on the radar for many traders."