Gold rate today, March 3 -- Despite tensions in the Middle East intensifying, precious metals have pulled back sharply in Tuesday's session, March 3, weighed down by a strong US dollar, which has made greenback-priced commodities more expensive for holders of other currencies.

Gold, often deemed a safe-haven asset by investors during times of crisis, fell $230 per troy ounce (Comex) to $5,081 per ounce on March 3. The March silver futures contract on Comex crashed $10.79 per troy ounce to reach the day's low of $78.06.

The US dollar index, which measures the greenback against a basket of major currencies, jumped to 99.38, marking its highest level since January 20, supported by safe-haven flows.

Traders are worried that rising energy p...