Gold retreated from an all-time high as some investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts.
Bullion slipped as much as 1.5% in New York trading on Wednesday, with some traders exiting positions amid signs that the precious metal’s recent rally to successive highs may be excessive. The metal’s relative strength index has been above the overbought level of 70 for the past three sessions. A stronger dollar and rising bond yields also weighed on bullion.