Gold declines amid profit-making operations from investors
Gold fell on Tuesday, a day after it crossed the level of $4,600 for the first time ever, due to profit-making operations amid growing geopolitical and economic uncertainty.
Gold fell in spot transactions by 0.4% to $4,576.79 per ounce. Yesterday, gold recorded a record high of $4,629.94.
U.S. gold futures for February delivery fell 0.6% to $4,585.40.
U.S. President Donald Trump said on Monday that any country doing business with Iran will face 25% tariffs on trade with the United States, as Washington considers options to respond to the situation in Iran, which is witnessing the biggest anti-government protests in years.
Major companies including Goldman Sachs and Morgan Stanley expect two U.S. interest rate cuts by 25 basis points each in June and September.
Assets that generate no return tend to perform well with low interest rates and during geopolitical or economic uncertainty.
For other precious metals, silver in spot transactions fell 1.6% to $83.62 per ounce after hitting an all-time high of $86.22 on Monday.
Platinum fell 2.5% in spot transactions to $2,283.95 after recording a record high of $2,478.50 on December 29, and palladium fell 3.7% to $1,774.44.