Gold slumped on Tuesday, plunging from record peaks as cooled worries over Iran’s incident lowered the appetite on safe haven demand for gold, while worries over the interest rate trajectory in the US lingered.Gold soared earlier on Monday and touched record peak, leveraging from the rise of the appetite on safe haven demand as traders concerns over geopolitical tensions in the Middle East spiked following the helicopter crash of Iran’s president that led to his decease, this incident raised some suspicions.

Spot gold slipped 0.5% to $2,413.77 per ounce, while gold futures dipped 0.9% to $2,416.75 per ounce. Spot gold touched a record peak of average $2,450 on Monday.

The absence of significant unrest in the Middle East reduced the demand for gold as a safe haven, driving it to be more vulnerable to worries about interest rates worries in the United States.

A number of Fed officials cautioned on Monday that the central bank requires further justifications that the inflation was cooling prior starting to cut interest rate. Expectations hovers around the possibility that the central bank will likely maintain higher for longer interest rate.