Gold prices fell over 3% on Tuesday, as the dollar firmed and investors booked profits after expectations of U.S. interest rate cuts and sustained safe-haven demand drove the yellow metal to a fresh record high in the previous session.

Spot gold was down 3.5% at $4,203.89 per ounce, as of 09:05 a.m. ET (1305 GMT), its steepest fall since November 2020.

U.S. gold futures for December delivery fell 3.3% to $4,217.80 per ounce.

Prices scaled an all-time peak of $4,381.21 on Monday and have gained over 60% this year, bolstered by geopolitical and economic uncertainty, rate cut bets and sustained central bank buying.

"Gold dips were being bought as recently as yesterday, but the sharp jump in volatility at the highs over the past week is flashing caution and may encourage at least short-ter

See Full Page