%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Gold's price is down 2% and trading at a one-week low as the U.S. dollar strengthens. The precious metal is pulling back due to a stronger greenback and as investors assess the likelihood that the U.S. Federal Reserve will lower interest rates this year. The spot price of gold (TVC: $GOLD ) is currently at $4,936.80 U.S. an ounce, having fallen back below the key level of $5,000 U.S. The decline comes with the U.S. dollar index up 0.2% against a basket of foreign currencies, making gold more expensive for holders of other fiat currencies. At the same time, expectations that the U.S. Federal Reserve will cut interest rates in the near term have evaporated amid signs of persistent inflation and a resilient labour market. Futures markets are currently pricing in two 25-basis-point rate cuts from the U.S. central bank this year, one in June and the other in September. As a non-yielding asset, gold tends to perform better when interest rates are low. Traders and investors will parse the minutes of the Fed's January meeting that are due to be released on Feb. 18, looking for further clues on interest rates. Despite the current dip, gold's price has risen 70% in the past year and recently hit an all-time high above $5,500 U.S. an ounce.