Profit-taking weighs on gold, silver prices

February gold futures fell 0.35% to $4,598.3 an ounce

Gold and silver futures declined on Tuesday as investors took profits from previous gains following record highs.

February gold futures fell 0.35%, or $16.4, to $4,598.3 an ounce.

Spot gold dropped 0.2% to $4,589.41 an ounce, while spot silver rose about 0.25% to $85.31 an ounce.

The US dollar index, which measures the currency against a basket of six major currencies, gained 0.15% to 99 at 9:20 a.m. Mecca time.

March silver futures slipped 0.25% to $84.88 an ounce. Spot platinum fell 0.85% to $2,321.66, and palladium declined 1.8% to $1,824.64.

Citibank raised its three-month price targets for gold and silver to $5,000 and $100 per ounce, respectively, citing strong investment momentum and expecting supportive factors for higher prices to continue through the first quarter, according to Reuters.