Gold takes a breather after record rally

Gold prices fell 2 per cent on Tuesday as investors booked profits after the metal hit another record high in the previous session, driven by expectations of US interest rate cuts and strong safe-haven demand, reports Reuters.
Spot gold was down 2.1 per cent at $4,264.91 per ounce, as of 1119 GMT, having hit an all-time high of $4,381.21 on Monday. US gold futures for December delivery fell 1.9 per cent to $4,278.50 per ounce.
The dollar index rose 0.3 per cent, making bullion more expensive for holders of other currencies.
"Gold prices are still yet to go much higher, but the speed is being a bit aggressive and as a result of that, we will get pullbacks each time we hit those fresh highs," said Nitesh Shah, commodities strategist at WisdomTree.
A combination of geopolitical and economic uncertainty, sustained central bank buying, strong investment demand and expected US interest rate cuts has pushed gold 63 per cent higher this year.
Investors' focus is now on the US consumer price index (CPI) data, due on Friday. The data is expected to show a 3.1 per cent year-over-year increase for September, reinforcing market expectations for the Federal Reserve to lower interest rates by 25 basis points at its meeting next week.