Gold prices fell over 2% yesterday, testing below $2,900. The yellow metal stabilized around $2,920 due to buying pressure at the bottom. Meanwhile, gram gold changed hands at 3,425 liras. Correction arrived for record-breaking gold prices. Yesterday, gold prices experienced a drop of over 2%, but balanced around $2,920 due to buying pressure. Gold prices had dropped from a record level of $2,953 to $2,888 yesterday. Gram gold was traded at 3,425 liras, while quarter gold exchanged hands at 5,611 liras. Analysts interpreted this drop as profit-taking. The impact of concerns about U.S. President Donald Trump’s tariff and foreign policy decisions kept the yellow metal’s upward trend. Following approval of tariffs on products imported from Canada and Mexico, Trump signed a decision to review copper tariffs. On the other hand, net inflows into gold-backed exchange-traded funds reached the highest level since 2022 last week. Economic data from the U.S. strengthened expectations of two 25 basis point interest rate cuts by the Federal Reserve this year. Analysts pointed out that inflationary risks stemming from Trump’s tariffs could influence the Fed’s monetary policy.