Gold prices slipped from record highs in Asian trading on Tuesday, pressured by profit-taking and signs of easing U.S.–China trade tensions that dampened demand for the metal’s safe-haven appeal.

Spot gold was last down 0.8% at $4,322.95 an ounce by 02:27 ET (06:27 GMT), retreating from Monday’s all-time high of $4,381.21/oz as investors locked in gains following a week-long rally.

U.S. Gold Futures for December fell 0.5% 4,339.35/oz.

Gold slips amid signs on easing trade tensions; US CPI awaited

The pullback came as U.S. President Donald Trump struck a conciliatory tone on trade, saying he expected a “strong and fair” deal with China, aiming constructive exchanges with President Xi Jinping at a summit in South Korea next week.

U.S. Treasury Secretary Scott Bessent is expected to meet Chinese Vice Premier He Lifeng in Malaysia later this week, following renewed strained relations. Trump has threatened to impose additional 100% tariffs on Chinese goods starting Nov. 1.

Adding to the shifting sentiment, White House economic adviser Kevin Hassett said on Monday that the prolonged U.S. government shutdown was “likely to end this week,” with negotiators nearing a bipartisan funding deal.

The easing of political uncertainty, alongside trade optimism, reduced the urgency for investors to hold defensive assets like gold.

Meanwhile, attention remains fixed on the delayed U.S. Consumer Price Index (CPI) data, now due on Friday.

Economists expect headline inflation to rise around 3.1% year-on-year. A hotter reading could temper expectations for a rate cut at Fed’s October meeting.

Metal markets fall as greenback strengthens

Other precious and industrial metals also traded lower on Tuesday as a slightly stronger greenback made them costlier for overseas buyers. 

Silver Futures dropped 1.5% to $50.68 per ounce, while Platinum Futures fell 1.1% to $1,633.60/oz.

Benchmark Copper Futures on the London Metal Exchange edged down 0.2% to $10,666.20 a ton, while U.S. Copper Futures declined 1% to $5.00 a pound.