PRECIOUS-Gold falls over 1% as dollar strengthens, investors book profits

Gold prices fell more than 1% on Tuesday, ‌easing from a three-week high hit earlier in the session, as a stronger dollar and profit taking weighed on prices while investors awaited clarity on U.S. President Donald Trump's tariff plans.

Gold prices fell more than 1% on Tuesday, ‌easing from a three-week high hit earlier in the session, as a stronger dollar and profit taking weighed on prices while investors awaited clarity on U.S. President Donald Trump's tariff plans. Spot gold dropped 1.2% to $5,170.89 per ounce by 0956 ‌GMT, snapping a four-session winning streak. U.S. gold futures for April delivery were down 0.7% at $5,190.20.

The U.S. ‌dollar rose 0.1%, making greenback-priced bullion more expensive for holders of other currencies. "There was some profit taking as prices spiked to highs of around $5,249/oz," said Zain Vawda, analyst at MarketPulse by OANDA. "The other factor was likely the announcement of a new tariff by the ⁠Trump ​administration which has provided some near-term ⁠clarity on the tariff question."

Gold, a traditional safe-haven asset, tends to benefit in times of geopolitical and economic uncertainty. The U.S. Supreme ⁠Court ruled on Friday that Trump's use of a 1977 emergency law to impose tariffs exceeded his authority, but hours ​later Trump invoked a different law and imposed a temporary tariff of 15% on U.S. imports.

Trump ⁠on Monday warned countries against backing away from recently negotiated trade deals, saying that he would hit them with much higher duties under ⁠different ​trade laws. Meanwhile, Iran and the U.S. will hold a third round of nuclear talks on Thursday in Geneva, Oman's Foreign Minister Badr Albusaidi said on Sunday.

"The broader narrative (for gold) remains skewed to the upside. If ⁠we see further dollar weakness or an escalation in Middle East (tensions), a reversal toward the $5,210 level and potentially fresh ⁠highs above the $5,249 ⁠handle is well within reach," Vawda said. Spot silver fell 0.2% to $88.08 per ounce, after hitting a more than two-week high on Monday.

Spot platinum gained 0.5% to $2,163.60 per ounce, ‌and palladium rose ‌0.9%, to $1,759.06.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)