OrePulse

Metal Markets

Posted By OrePulse

Published: 24 Feb, 2026 08:32

Gold prices drop from three-week high to $5,171 as profit-taking, stronger dollar halt record rally

Gold prices fell on Tuesday as investors booked profits after bullion rose more than 2 percent in the previous session, while pressure from a stronger dollar also weighed on the yellow metal. Spot gold fell 0.65 percent to $5,171.22 per ounce, snapping a four-session winning streak and dropping from a more than three-week high hit earlier in the day. Bullion gained 2.5 percent in the previous session. U.S. gold futures for April delivery were down 0.65 percent at $5,191.71.

Within the UAE, gold rates recorded declines, as 24-carat gold decreased by AED4.50 to AED622.75 and 22-carat gold declined by AED3.75 to AED576.50. Furthermore, 21-carat gold declined by AED3.75 to AED552.75, while 18-carat gold moved down by AED3.25 to AED473.75, and 14-carat gold saw a downtick of AED2.5 to reach AED369.50.

Trump threats rattle markets

Asian stock markets stuttered in early trade on Tuesday as a selloff on Wall Street overnight rattled investors, with sentiment hurt by heightened uncertainty over U.S. President Donald Trump’s tariff policy and rising U.S.-Iran tensions. The dollar edged up, making greenback-priced bullion more expensive for holders of other currencies. U.S. President Donald Trump on Monday warned countries against backing away from trade deals negotiated recently with the U.S. after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.

Fed eyes job pivot

Elsewhere, Federal Reserve Governor Christopher Waller said he was open to leaving interest rates on hold at the March meeting if the upcoming February jobs data indicated the labour market had “pivoted to a more solid footing” after a weak 2025. Markets currently expect three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool. Conversely, Spot silver increased 1.21 percent to $87.83 per ounce, after hitting a more than two-week high on Monday. Meanwhile, spot platinum lost 0.7 percent to $2,134.00 per ounce, while palladium gained 0.06 percent to $1,721.00.

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