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Gold slips after hitting a fresh three-month high as traders book gains

Gold fell to around $4,610, down 0.9% on the day, after setting a $4,697 three-month high and pushing RSI into overbought territory.

Reported · Written up by our desk · Precious Metals

Gold (XAU/USD) extended its intraday decline during US trading hours Tuesday after reaching a fresh three-month high of $4,697 earlier in the session. By the time of writing, the metal was trading around $4,610, down 0.9% on the day, as traders appeared to book some profits following the recent rally. FXStreet reports that the pullback came even as the US dollar and US Treasury yields edged lower, a combination that would typically support gold. Still, the near-term macro and technical backdrop remained constructive for gold buyers, with the Relative Strength Index pushed into overbought territory. The precious metals complex also had support tied to developments in the US bond market, according to TD Securities. The firm said the market was responding to US Treasury Secretary Scott Bessent's intervention last week, which could involve Treasury buying more than double to $8 billion between September 9 and November 4, in an effort to tame long-end yields. Additional support came from gold-backed exchange-traded funds, with World Gold Council data showing global Gold ETFs pulled in net inflows of $3.52 billion, or 23.6 tonnes, in the latest week. Year to date, inflows total $21.34 billion, or 116.1 tonnes, led by demand from Asia and Europe, while traders also looked ahead to US Personal Consumption Expenditures data.

Latest closeGold $4,432.00 ▲1.6%

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