Gold has fallen into a bear market phase as investors unwind positions due to a stronger U.S. dollar and elevated Treasury yields. Spot gold prices fell by 2% before paring down to $4,335.97 per ounce, while futures for April delivery also dropped by over 1%. The dollar index was up 0.5% on Tuesday. The price of silver fell by more than 3% to $66.93 per ounce. The precious metal has fallen by over 22% since hitting a record high of $5,594.82 per ounce at the end of January. The decline is attributed to a combination of macro and positioning-driven factors.