By Ishaan Arora
Feb 24 (Reuters) – Gold prices fell on Tuesday as investors booked profits after bullion rose more than 2% in the previous session, while pressure from a stronger dollar also weighed on the yellow metal.
Spot gold fell 0.8% to $5,189.99 per ounce by 0125 GMT, snapping a four-session winning streak and dropping from a more than three-week high hit earlier in the day. Bullion gained 2.5% in the previous session.
U.S. gold futures for April delivery were down 0.3% at $5,210.40.
“Obviously, we had a meaningful rally (in gold) yesterday. We have a little bit of a digestion here, and I think it’s noteworthy that we don’t see the panic that we saw on Wall Street extend into the Asian market,” Ilya Spivak, head of global macro at Tastylive, added that a firmer dollar and profit-booking by investors were responsible for bullion’s drop.
Asian stock markets stuttered in early trade on Tuesday as a selloff on Wall Street overnight rattled investors, with sentiment hurt by heightened uncertainty over U.S. President Donald Trump’s tariff policy and rising U.S.-Iran tensions. [MKTS/GLOB]
The dollar edged up, making greenback-priced bullion more expensive for holders of other currencies. [USD/]
U.S. President Donald Trump on Monday warned countries against backing away from trade deals negotiated recently with the U.S. after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.
Elsewhere, Federal Reserve Governor Christopher Waller said he was open to leaving interest rates on hold at the March meeting if the upcoming February jobs data indicated the labour market had “pivoted to a more solid footing” after a weak 2025.
Markets currently expect three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool. [FEDWATCH]
Spot silver fell 1% to $87.38 per ounce, after hitting a more than two-week high on Monday.
Spot platinum lost 0.7% to $2,139.25 per ounce, while palladium gained 0.3% to $1,748.12.
(Reporting by Ishaan Arora; Editing by Subhranshu Sahu and Rashmi Aich)
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