Gold fell to a one-week low on Tuesday, dropping sharply as the dollar strengthened broadly and crude oil prices tumbled, reducing the metal’s appeal as an inflation hedge.

Gold rallied from a six-week low hit earlier in the global session, rising above $923 per ounce with currency fundamentals proving the dominant factor as the dollar got stung by concerns over U.S. indebtedness.

Gold was little changed in Europe on Monday, consolidating after last week’s more than 3 percent rise, with strong demand for physical investment products such as gold-backed exchange-traded funds supporting prices.