Gold extends slide, down $500 from recent record amid profit-taking

Gold prices dropped nearly 3% to around $3900 per ounce in Asian trade on Tuesday, extending a sharp pullback as progress toward a US-China trade deal reduced safe-haven demand. The metal has now fallen almost $500 from its October high of $4398, with profit-taking adding to the decline. US and Chinese officials said a framework agreement has been reached and could be finalized when Presidents Trump and Xi meet later this week. Attention now turns to the Federal Reserve?s policy decision, where a 25 bps rate cut is widely expected, while the BOJ and ECB are set to keep rates unchanged. On the domestic front, MCX December gold futures fell about 2.3% to around ₹117628 per 10 grams.

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