Gold prices rose above $4,370 per ounce on Tuesday after plunging more than 4% in the previous session due to profit-taking. Monday’s selloff marked the metal’s largest intraday drop since October and the second time this year that it has fallen sharply in a single day. Still, persistent geopolitical uncertainty continued to boost demand for the safe-haven metal. Peace talks between Russia and Ukraine have been thrown into further doubt after reports suggested that President Putin informed President Trump that Moscow would reassess its stance in negotiations following alleged Ukrainian strikes on Putin’s residence. Separately, Trump warned of further strikes on Iran if nuclear rebuilding continues, while also announcing that the US had struck a loading facility in Venezuela. Bullion remains on track for its biggest annual gain since 1979, with the rally also supported by strong central bank buying, sustained ETF inflows, and expectations of more US interest rate cuts.
