Gold Prices continue to drop lower Tuesday, weighed down by a strong dollar and forecasts of a more hawkish Federal Reserve.

The precious metal hit a 10-month low Monday.

Gold for February delivery was last down 0.5% at $1,170.45 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices fell 12 percent from their November highs.

March Comex Silver was last down $0.074 at $16.825 an ounce.

Gold Prices are often affected by stronger dollar and higher interest rates.

The market expected an increase in the gold prices upon the Italian referendum vote, even though it was a no-vote, investors did not seek a safe haven in the precious metal and the market recovered shortly after the vote.

U.S. Dow Jones Industrial Average at a record high this week with gains in other world stock markets.

The markets are focusing now on Thursday’s monetary meeting of the European Central Bank and next week’s FOMC meeting of the Federal Reserve.

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