Gold prices sank Tuesday in their steepest one-day drop in years, sliding almost 5% as a surging US dollar and heavy profit-taking halted the precious metal’s record-setting run above $4,300 an ounce.

As of noon Tuesday, gold futures were trading at $4,143.90 per troy ounce, down $215.50, or 4.94%.

The decline followed Monday’s close at $4,359.40, when the metal hit a fresh all-time high. 3

The selloff marks gold’s sharpest single-session decline since April 2013 and its first meaningful correction after a monthslong rally fueled by safe-haven buying and expectations of Federal Reserve rate cuts.

Prices opened at $4,371, climbed briefly to a high of $4,393.60 — and then slid steadily through morning trading to a low of $4,090 before stabilizing.

“I think it’s as simple as i

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