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Gold prices slipped in Asian trade on Tuesday as investors took profits following a sharp rally driven by escalating geopolitical tensions and trade uncertainty. Spot gold dropped 0.6% to $3,361.24 per ounce, while August futures declined 0.4% to $3,384.92 by 00:32 ET. The pullback came after bullion surged over 2% on Monday amid rising safe-haven demand.
Tensions intensified after Ukraine launched a lethal drone strike on Russia, derailing peace efforts. Simultaneously, U.S.-Iran nuclear negotiations showed signs of collapse as President Donald Trump vowed to block uranium enrichment by Tehran. Reports also resurfaced about potential Israeli military action if talks failed, adding to Middle East instability.
Concerns over U.S. trade tariffs and strained relations with China continued to fuel safe-haven interest. However, gold’s momentum eased as the U.S. dollar staged a mild recovery from a six-week low, pressuring metal prices. The rebound followed investor focus on ballooning U.S. debt and a controversial tax cut bill making headway in Congress.
Despite Tuesday’s dip, gold retained most of its recent gains. Ongoing geopolitical risks and market jitters over U.S. economic policies are expected to keep bullion in demand.
Meanwhile, other precious metals also declined. Platinum futures edged down 0.3% to $1,061.20, while silver slid 1.1% to $34.323 per ounce.
Industrial metals faced added pressure. Copper futures dropped 0.5% in London to $9,550.20 per ton, while U.S. contracts plunged 2.5% to $4.7345 per pound. The decline followed weaker-than-expected Caixin PMI data from China, highlighting a contraction in manufacturing and raising fears of slowing demand in the world’s top copper importer.
Persistent global risks, from war to trade policy, continue to influence investor behavior across commodities and currencies.
