Rising interest rate concerns have dampened safe-haven demand, leading to a decline in global technology stocks and causing gold and silver prices to fall in tandem on Tuesday.

Since the outbreak of the US-Iran conflict on February 28, the traditional role of gold as a "safe-haven asset" during turbulent times has been increasingly called into question.

Following the first interest rate meeting chaired by Federal Reserve Chairman Warsh, several investment banks have lowered their gold price forecasts, indicating a significant shift in Wall Street's previously bullish stance on the precious metal.

Spreading anxiety over potential rate hikes, which triggered a broad sell-off in global tech stocks, also weighed on the precious metals market, resulting in sharp declines for gold and silver on Tuesday.

On Tuesday, gold futures fell 1.5% to $4,142 per ounce; silver futures plummeted over 5%, hitting a low of $61.80 per ounce during the session before paring losses slightly to settle around $62.25.

Since the US-Iran war began on February 28, gold's safe-haven appeal has been fading, with the various logics that previously drove the sustained rally in gold prices now facing market skepticism.

Last week, the Federal Reserve's policy meeting chaired by Kevin Warsh delivered a more hawkish signal than expected, leading markets to bet on potential rate hikes by year-end. As gold itself does not generate interest income, expectations of rising rates continue to put downward pressure on its price.

Concurrently, following Warsh's first Fed meeting, several banks have cut their gold price targets, marking a notable reversal in sentiment toward the metal among Wall Street institutions.

In a research note released last Friday, Michael Widmer, a commodity strategist at Bank of America, stated that the current inflation outlook remains challenging, and the Fed is likely to maintain a tight monetary policy. The bank's previous gold price target of $6,000 per ounce is now considered very difficult to achieve.

In a report issued on Tuesday, Deutsche Bank noted that a "hawkish expectations are driving out long positions" dynamic is playing out in the gold market. The bank revised its forecasts downward: if the Fed keeps rates unchanged, its Q3 gold target is $4,300 per ounce; should the Fed initiate 3 to 4 rate hike cycles, the price could test $3,800 per ounce.