Gold continued its downward spiral on Tuesday, plunging more than 5.5% as investors kept their focus on possible interest rate cuts by the United States Federal Reserve and cooling geopolitical tensions between Washington and Beijing. Gold dropped by 5.52% at 12:41 pm ET to go for $4,116.08 per ounce. Meanwhile, silver went down 8.43% to sell for $47.90 per ounce a minute later and platinum slid by 6.29% to go for $1,536.93 per ounce. Palladium declined by 6.75%, going for $1,385.24 per ounce at 12:44 pm ET.