Gold futures slumped below $4,000 on Tuesday amid a strengthening US dollar, joining the broader decline in financial markets. The yellow metal has struggled to maintain the momentum since reaching an all-time intraday high of $4,398.00.

December gold futures fell $48.60, or 1.21%, to $3,965.20 per ounce at 13:14 GMT on Tuesday on the COMEX division of the New York Mercantile Exchange. Gold prices are still up 50% year-to-date.

Gold has plummeted almost 10% since registering a record high on October 20.

Silver, the sister commodity to gold, also dropped below $48. December silver futures dropped $0.794, or 1.65%, to $47.255 an ounce. Like gold, the white metal is up more than 61% this year.

Prices for gold and silver fell mainly due to a firmer greenback.

The US Dollar Index (DXY), a measure of the dollar against a weighted basket of currencies, including the British pound and Japanese yen, advanced 0.31% to 100.18, from an opening of 99.87. The index is now trading at its highest level since May and has pared its year-to-date decline to below 8%.

A stronger buck is bad for commodities priced in dollars because it makes it more expensive for foreign investors to purchase.

“With the dollar making new highs, we’re seeing that having a weight on the gold market … some of this recent strength in dollar and the weight in the gold market comes from the less likelihood of a potential (Fed) rate cut in December,” said David Meger, director of metals trading at High Ridge Futures, according to CNBC.

Gold is also struggling with the prospects of a less dovish Federal Reserve.

According to the CME FedWatch Tool, the US central bank has a 68% chance of lowering interest rates by a quarter point at next month’s Federal Open Market Committee policy meeting.

Treasury yields, which slipped on Tuesday, have edged up over the past week on the possibility of fewer rate cuts.

Gold is sensitive to fluctuating interest rates because it can impact the opportunity cost of holding non-yielding bullion.

In other metal markets, December copper futures fell $0.125, or 2.47%, to $4.9455 per pound. December platinum futures erased $32.70, or 2.07%, to $1,548.70 an ounce. December palladium futures tumbled $32.90, or 2.26%, to $1,422.00 per ounce.