Gold slips from three-week high on dollar strength, profit-taking
- Spot gold fell 1.6% to $5,148.28 per ounce by 11:17am
Gold retreated on Tuesday, easing from a three-week high as profit-taking and a firmer dollar pressured prices, while traders awaited clarity on U.S. tariff plans and the outcome of talks between Washington and Tehran.
Spot gold fell 1.6% to $5,148.28 per ounce by 11:17 a.m. ET (1617 GMT). U.S. gold futures for April delivery were down 1.1% at $5,167.10.
The U.S. dollar rose 0.1%, making greenback-priced bullion more expensive for holders of other currencies.
“Gold prices (had been) trending higher again so I suspect this is just a corrective pullback,” said Jim Wyckoff, senior analyst at Kitco Metals, adding that a higher dollar is also having a negative influence on the prices.
Prices hit a three-week high earlier in the session, after U.S. President Donald Trump vowed to raise duties to 15% following the Supreme Court ruling that his use of an emergency law to impose tariffs exceeded his authority.
READ MORE: Gold climbs to 3-week high as US tariff ruling stokes uncertainty
However, the United States on Tuesday imposed a 10% tariff on all non-exempt goods, as first announced by Trump on Friday.
Meanwhile, Iran and the U.S. will hold a third round of nuclear talks on Thursday in Geneva, amid growing concerns about the risk of military conflict between the longtime adversaries.
“You’ve still got solid safe-haven demand, with Iran–U.S. tensions and tariff uncertainty limiting selling in gold, keeping fundamentals supportive. But as prices near record highs, they’ll face stiff resistance, and pushing to new highs would likely require a fresh geopolitical catalyst,” Wyckoff said.
Gold, a traditional safe-haven asset, tends to benefit in times of geopolitical and economic uncertainty.
Separately, outgoing Atlanta Federal Reserve President Raphael Bostic told Reuters the U.S. may be entering a phase of structurally higher unemployment as firms adopt AI to cut labor, a shift that the Fed may not be able to counter with lower rates.
Spot silver edged down 0.1% to $88.09 per ounce, after hitting a more than two-week high on Monday.
Spot platinum was up 0.6% at $2,165.65 per ounce, and palladium rose 1.2% to $1,765.41.
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