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Gold declined on Tuesday, a day after surpassing 4,600 dollars for the first time ever, due to profit-taking amid growing geopolitical and economic uncertainty.
Spot gold fell about 0.4 percent to 4,576.79 dollars per ounce. Yesterday, gold recorded an all-time high of 4,629.94 dollars.
US gold futures for February delivery dropped 0.6 percent to 4,585.40 dollars.
US President Donald Trump said on Monday that any country that trades with Iran will face a 25 percent tariff on trade with the United States, at a time when Washington is considering options to respond to the situation in Iran, which is witnessing its largest anti-government protests in years.
Major companies including Goldman Sachs and Morgan Stanley expect two interest rate cuts in the United States, each of 25 basis points, in June and September.
Non-yielding assets tend to perform well when interest rates are low and during periods of geopolitical or economic uncertainty. As for other precious metals, spot silver fell 1.6 percent to 83.62 dollars per ounce after hitting an all-time high of 86.22 dollars yesterday. Spot platinum dropped 2.5 percent to 2,283.95 dollars after hitting a record high of 2,478.50 dollars on December 29. Palladium fell 3.7 percent to 1,774.44 dollars.