Singapore, January 30 (QNA) - Gold prices fell by more than 4% in early Asian trading on Friday, weighed by market speculation over potential changes in the leadership of the US Federal Reserve. Despite the sharp pullback, the precious metal remained on track for its strongest monthly gain since 1980, supported by strong demand for safe-haven assets.
Spot gold dropped 3.9% to $5,183.21 per ounce, after sliding as much as 5% earlier in the session.
US gold futures for February delivery fell 2.7% to $5,176.40 per ounce.
The yellow metal had surged to a record high of $5,594.82 in the previous session, amid heightened geopolitical and economic uncertainty.
Gold has gained nearly 20% so far this month, marking its sixth consecutive monthly increase and its largest monthly rise since January 1980.
Among other precious metals, spot silver declined 5.7% to $109.55 an ounce, after touching a record high of $121.64 in the previous session.
Platinum fell 5.3% to $2,489.31 an ounce, retreating from an all-time high of $2,918.80 reached earlier this week, while palladium bucked the broader trend, rising 5.8% to $1,890.25 an ounce. (QNA)