Gold Takes a Breather Following Record Highs

Gold prices edged lower today, Tuesday, as investors took profits following the precious metal's record high in the previous session. This was supported by strong demand for a safe haven and expectations of a rate cut by the U.S. Federal Reserve.

Spot gold fell 0.3% to $4340.99 an ounce by 0456 GMT after hitting an all-time high of $4381.21 on Monday. U.S. gold futures for December delivery remained steady at $4357.80 an ounce.

Among other precious metals, silver dropped 1.2% in spot dealings to $51.83 an ounce. Platinum decreased by 0.7% to $1627.53 an ounce. However, palladium saw a slight increase of 0.1% to $1497.62 an ounce.