Mubasher: Gold prices fell on Tuesday, for the third session in a row, as dollar continued the upwards trend against major currencies, leading the yellow metal to lose around $12.

The recent remarks by the US Federal Reserve Chairman Jerome Powell helped USD rise again, after the Fed chair stressed commitment to raising interest rates once every three months.

Gold futures for August delivery dropped 1% or $12.40, to settle at the level of $1,227.30 per ounce.