Washington: In spot trading, gold fell 0.7 per cent to $4,466.19 an ounce, retreating from its record high of $4,549.71 reached on December 26. US gold futures for February delivery also slipped, down 0.4 per cent at $4,477.30 an ounce.
The downward trend extended to other precious metals. Silver declined 1.2 per cent to $80.34 an ounce in spot trading, after touching a recent high of $83.62 on December 29.
Platinum saw sharper losses, falling 2.9 per cent to $2,373.00 an ounce, after hitting a high of $2,478.50 earlier in the week. Despite the dip, platinum had surged more than 5 per cent earlier in the session to its highest level in a week.
Palladium prices also weakened, dropping 2.5 per cent to $1,777.22 an ounce.
Gold prices retreated from record highs as profit-taking and a stronger dollar impacted the metals market. Spot gold fell 0.7% to $4,466.19 an ounce, while US gold futures slipped 0.4%. Other precious metals also declined, with silver down 1.2%, platinum dropping 2.9%, and palladium decreasing 2.5%.