Investing.com -- Gold plunged Tuesday after President Donald Trump said he was looking to cut capital gains taxes, cutting demand for the yellow metal as a haven.
At 11:18 AM ET (1518 GMT), gold was down 3.4% to $1,960, on pace for the biggest pullback in seven years, according to Bloomberg.
The move came after gold touched a record high last week, piercing through that psychologically important $2,000 level. It also marks a third day of declines as risk appetite returned to the market, pushing the S&P nearer its pre-Covid February peak.