GOLD ON TRACK FOR BIGGEST DAILY DROP SINCE 2020 – Investors booked profits after expectations of U.S. interest rate cut
Gold prices saw their sharpest drop in five years on Tuesday — falling as the U.S. dollar strengthened and investors took profits after record highs earlier this week.
Spot gold tumbled 5.5 percent to $4,115.83 per ounce, its biggest one-day fall since August 2020.
U.S. gold futures for December delivery dropped 5.3 percent to $4,129.20.
This comes just a day after gold hit an all-time high of $4,381.21, up nearly 60 percent this year on safe-haven demand, interest rate cut bets, and central bank buying.
Other precious metals also slid — silver down 8.4 percent, platinum down 7 percent, and palladium off 6.6 percent.
Traders are now awaiting Friday’s U.S. Consumer Price Index, expected to show 3.1 percent annual inflation once released following the government shutdown delay.
