India, April 4 -- Gold prices fell further from recent record highs on Friday despite a number of positive catalysts.
Spot gold fell 0.7 percent to $3,092.92 per ounce in early European trade after hitting a record high in early April. U.S. gold futures were down 0.2 percent at $3,114.31.
Selling pressure in gold could be primarily due to profit booking after a significant run over the last 12 months. Bullion is up nearly 35 percent over the last year.
The recent surge was driven by tariff concerns, geopolitical risks, declining U.S. dollar, and growing inflation forecasts.
According to UBS, the latest tariff measures unveiled by U.S. President Trump may knock down U.S. economic growth by 2 percentage points this year and raise inflatio...