Gold drops over 4% as investors take profits after record high

Gold dropped over 4% on Thursday as ‌investors took profits after a record high, yet prices remained on course for their best month since the 1980s amid heightened economic and geopolitical uncertainty.

Spot gold was 4.6% lower at $5,149.99 an ounce by 10:48 a.m. ET (1548 GMT), after earlier touching $5,594.82.

U.S. gold futures for February delivery were down 2.8% at $5,156.20.

"We are ‌seeing a dramatic sell-off after precious metals made new recent all-time highs," ​said David Meger, director of metals trading at High Ridge Futures.

However, spot gold prices are still up 19% for the month and 3.6% so far this week.

From crypto money to ‍central banks, demand for gold is widening as "precious metals are well in the limelight and investors always like to go where they can get high returns," said GoldSilver Central managing director Brian Lan.

Adding to geopolitical ⁠uncertainty, U.S. President Donald Trump on Wednesday pressed Iran to negotiate a nuclear deal, while ‍Tehran threatened retaliation against the U.S., Israel, and allies.