Gold slips from three‑week high on dollar strength, profit-taking

By Anmol Choubey

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)

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