New Delhi: The shine of gold dimmed sharply on Tuesday. After hitting an all-time high of $4,381 per ounce a day earlier, prices slid to $4,120 – a fall of 5%. It was the steepest one-day drop since 2020. Still, gold remains high overall, up nearly 60% this year.

Traders spoke of a sudden turn in sentiment. The rush to book profits began soon after the rally peaked. Market veteran Tai Wong said many short-term investors preferred to lock in gains as volatility crept in. Silver also tumbled by over 6%, dropping below the $50 mark per ounce.

All eyes are now on the United States. The market waits for new inflation numbers, delayed until Friday due to the government shutdown. Investors hope the data will offer clues about the path of interest rates.

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