Gold fell by one percent on Tuesday, as trading remained weak in major Asian markets due to the Lunar New Year holiday. A stronger dollar also put pressure on prices.

Spot gold dropped 0.9 percent to $4,947.98 per ounce as of 0110 GMT, after losing one percent earlier in the session.

U.S. gold futures for April delivery declined 1.6 percent to $4,966.80 per ounce.

The dollar index rose 0.2 percent against a basket of currencies, making gold more expensive for holders of other currencies.

U.S. stock markets were closed on Monday for Presidents’ Day. Meanwhile, markets in mainland China, Hong Kong, Singapore, Taiwan, and South Korea were closed for the Lunar New Year holiday.

The CME Group’s FedWatch tool shows that markets currently expect the Federal Reserve, the U.S. central bank, to cut interest rates three times by 25 basis points this year.

Gold, which does not yield interest, tends to rise when interest rates fall.

U.S. President Donald Trump said on Monday that he would participate “indirectly” in talks between Iran and the United States over Tehran’s nuclear program, which are scheduled to begin on Tuesday in Geneva. He added that he believes Tehran wants to reach an agreement.

Iranian Foreign Minister Abbas Araghchi met on Monday with International Atomic Energy Agency Director General Rafael Grossi ahead of a new round of talks between the United States and Iran aimed at resolving the nuclear dispute. There were few signs that either side was ready to compromise, and the possibility of U.S. military action was still being raised.

As for other precious metals, spot silver fell 2.7 percent to $74.51 per ounce, after dropping more than three percent earlier in the session.

Spot platinum declined 0.8 percent to $2,025.05 per ounce, while palladium fell 1.5 percent to $1,698.10 per ounce.