Gold pauses for breath after record run on safe-haven demand
Gold prices eased on Tuesday on profit-taking but remained near record highs as investors turned to the safe-haven asset ahead of President Donald Trump's planned announcement of sweeping tariffs on countries that have a trade imbalance with the U.S.
Spot gold was down 0.3% at $3,113.43 per ounce as of 1:46 p.m. ET (1746 GMT), after hitting an all-time high of $3,148.88 earlier in the day.
U.S. gold futures settled 0.1% lower at $3,146.
It's "not surprising to see a little bit of profit taking, particularly given that the market had become rather overbought ... I don't really see much of a change in the fundamentals ... it's a perfect storm for gold," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets and consumers are waiting for details of Trump's planned tariffs, set to be announced on Wednesday. White House aides have drafted plans for tariffs of around 20% on most U.S. imports, the Washington Post reported Tuesday.
Silver fell 1.4% to $33.6 an ounce, platinum was down 0.8% at $984.64. Palladium fell 0.2% to $981.0.
Source: Reuters
