Gold holds near record highs amid profit-taking

February gold futures held at $4,502.8 an ounce

Gold prices were steady at Wednesday’s settlement as investors booked profits following a record close on Tuesday, driven by rising geopolitical tensions in Latin America.

February gold futures held at $4,502.8 an ounce, after closing Tuesday at a record $4,505.7.

The gains come amid escalating geopolitical risks, including increased US military presence in the Caribbean and President Donald Trump’s threats of a potential ground intervention in Venezuela.

Gold faced additional pressure as the likelihood of a Federal Reserve rate cut in January diminished following data showing faster-than-expected US economic growth in the third quarter.

Spot silver rose 0.62% to $71.87 an ounce at 9:49 p.m. Mecca time, while platinum fell 1.45% to $2,256.73 and palladium dropped 7% to $1,726.84 an ounce.