Khaberni - Gold fell on Tuesday, a day after crossing the $4600 level for the first time ever, due to profit-taking amid growing geopolitical and economic uncertainty.
Gold dropped in spot transactions by about 0.4% to $4576.79 an ounce. Yesterday, gold had recorded a record level at $4629.94.
U.S. futures for gold delivery in February fell by 0.6% to $4585.40.
On Monday, U.S. President Donald Trump said that any country doing business with Iran will face a 25% tariff on trade with the United States, as Washington considers response options to the situation in Iran that is witnessing the largest anti-government protests in years.
Major companies including Goldman Sachs and Morgan Stanley expect two cuts in U.S. interest rates by 25 basis points each in June and September.
Assets that do not yield a return tend to perform well with low interest rates and during periods of geopolitical or economic uncertainty.
As for other precious metals, silver dropped in spot transactions by 1.6% to $83.62 an ounce after recording its highest ever level at $86.22 yesterday.
Platinum in spot transactions dropped 2.5% to $2283.95 after hitting a record high of $2478.50 on December 29.
Palladium fell 3.7% to $1774.44.
