Feb 24 (Reuters) – Gold retreated on Tuesday, easing from a three‑week high as profit‑taking and a firmer dollar pressured prices, while traders awaited clarity on U.S. tariff plans and the outcome of talks between Washington and Tehran.
Spot gold fell 1.4% to $5,158.24 per ounce by 01:40 p.m. ET (1840 GMT). U.S. gold futures for April delivery settled 0.9% lower at $5,176.30.
The U.S. dollar rose 0.1%, making greenback-priced bullion more expensive for holders of other currencies. [USD/]
“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 U.S. 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 U.S. on Tuesday imposed a 10% tariff on all non‑exempt goods, as first announced by Trump on Friday.
Meanwhile, Iran and the U.S. 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-U.S. 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 U.S. 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 $87.21 per ounce, after hitting a more than two-week high on Monday.
Spot platinum was up 1% at $2,175.95 per ounce, while palladium rose 2.3% to $1,785.35.
(Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas and Diti Pujara)
