According to Dow Jones Newswires, the U.S. central bank is scheduled to meet later this week, when its officials will wrestle with decisions about interest rates. Investors, keeping an eye on that development, were able to capitalize on the precious metals' strong performance prior to Tuesday's slippage.
"We were due for some kind of profit-taking and pullback," George Gero, a vice president at RBC Capital Markets Global Futures, told the news service.
At 12:37 p.m. on Tuesday, gold futures were down 0.54 percent, an $8.20 drop to $1,500.90 per troy ounce. Silver futures dipped 4.09 percent, a $1.928 fall to $45.245.
On Monday, investors were atwitter about silver futures being on the brink of surpassing the psychological threshold of $50 per troy ounce and the record price of $50.35 per troy ounce, which was set in January 1980. Gold futures' record price presently stands at $1,512.47 per troy ounce.
"Maybe we ought to be cautious and take some money off the table," Gero said.
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