Gold drops as traders reassess US-Venezuela relations

Gold prices fell on Wednesday as a stronger dollar and investors reassessing the recent developments in the US-Venezuela situation weighed on the metal, Report informs via Reuters.

Spot gold dropped 0.8% to $4,461.51 per ounce, as of 10:01 GMT, after briefly touching a more than one-week high earlier in the session.

Bullion had hit a record high of $4,549.71 on December 26.

US gold futures for February delivery were down 0.5% at $4,471.30.

Among other precious metals, spot silver fell 2.3% to $79.40 per ounce, below its all-time high of $83.62 reached on December 29.

Spot platinum fell 6% to $2,297.56 per ounce, retreating from its record high of $2,478.50 reached last Monday.

It had risen more than 3% earlier in the session.

Palladium traded 4.5% lower at $1,740.12 per ounce.