Gold slips from three‑week high on dollar strength, profit-taking

Gold retreated on Tuesday, easing from a three‑week high as profit‑taking and a firmer dollar pressured prices, while traders awaited clarity on US tariff plans and the outcome of talks between Washington and Tehran.

Spot gold fell 1.4% to USD 5,158.24 per ounce by 01:40 p.m. ET (1840 GMT). US gold futures for April delivery settled 0.9% lower at USD 5,176.30.

The US 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 US 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.

However, the US on Tuesday imposed a 10% tariff on all non‑exempt goods, as first announced by Trump on Friday.

Meanwhile, Iran and the US 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-US 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 US 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 1.2% to USD 87.21 per ounce, after hitting a more than two-week high on Monday.

Spot platinum was up 1% at USD 2,175.95 per ounce, while palladium rose 2.3% to USD 1,785.35.

(Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas and Diti Pujara)