Gold prices traded slightly higher during the Asian session on Tuesday after a sharp pullback across the precious metals complex overnight, as investors booked profits following recent rallies that pushed several metals to record levels.
By 3:55 pm AEDT (4:55 am GMT), spot gold was up 0.7% at US$4,363.25 per ounce, rebounding after a 4.4% retreat from record highs of US$4,549.71 on Monday.
Other precious metals also recovered from steep losses in the previous session. Platinum jumped 3.1% to US$2,163.63 per ounce after plunging 13.5% on Monday, while silver gained 3.3% to US$74.31 per ounce following a 9.5% sell-off.
Gold has surged around 65% so far this year, supported by strong investor demand and heightened geopolitical uncertainty. Platinum and palladium are also on track to post solid annual gains, while silver has significantly outperformed, rising about 147% year to date.
Silver’s strong performance has been driven by its growing status as a critical mineral, ongoing supply shortages and rising industrial and investment demand.
Geopolitical tensions remained elevated after the Kremlin said President Vladimir Putin told U.S. President Donald Trump on Monday that Russia would review its position in peace negotiations following what Moscow described as a Ukrainian drone attack on a Russian presidential residence.
Gold is traditionally viewed as a safe-haven asset and tends to perform well during periods of heightened economic and geopolitical uncertainty, a dynamic that continues to underpin prices despite recent volatility.
