Global gold prices fell slightly in trade yesterday, while the US dollar held steady at a 20-year low.

Yellow metal prices were down 0.33% at $1736.69 an ounce in spot trades, while gold futures were down 0.42% at $1735.05 an ounce.

Gold prices were hit hard, as investors became hungry for the yellow metal, after a significant rise in the value of the US dollar, which became the preferred haven for investors to hedge against fears of a recession due to the move. Major central banks around the world have been raising interest rates to control inflation.

As for other precious metals, silver fell 0.28% to $19.18 an ounce, palladium was down 1% to $2137.5, and platinum was down 01.72% to $867.65.

In turn, European shares fell sharply yesterday amid investor concerns about energy supplies.

The European STOXX 600 index ended a three-day rally after posting its best weekly performance in seven weeks last Friday, falling 1.1%.

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