India, Oct. 21 -- Gold prices plunged on Tuesday, October 21, marking one of the steepest single-day declines in years, as investors booked profits after the metal's record-breaking rally in the last session.

According to Reuters, spot gold fell 4.9% to a one-week low of $4,143 per ounce by 11:49 a.m. EDT, its biggest daily drop since August 2020. US gold futures for December delivery also slipped 4.7% to $4,155.

Prices had hit an all-time high of $4,381.21 on Monday, October 20, gaining nearly 60% this year amid economic uncertainty, rate-cut hopes, and strong central bank buying.

Traders said the sharp decline was mainly due to profit-taking following gold's rapid surge. Tai Wong, an independent metals trader, told Reuters that a "sh...