Basic metals remained under pressure on Tuesday’s overnight trading session as investors and traders went profit taking in gold futures which settled around $1,413 per ounce.

The gold future contract for April delivery declined $6.20 to $1,413 per ounce on Tuesday’s Asian trading session at electronic trading of Globex. According to experts the investors went for profit taking in the gold contract as the safe haven status base metal reached its record high in last week.

At Comex division of New York Mercantile Exchange gold future contract for April delivery also witnessed the correction of $6.30 to settle at $1,419.90 per ounce.

Analysts form Commerzbank Commented, “Investors are clearly still taking profits after the price of gold marked a new record high last week, the fall in price yesterday was accompanied by outflows from gold ETFs.

The change in gold future contract is mainly dependant on currency trading. The dollar index DXY which measures the US dollar’ s performance against its six major rival currencies declined to 76.085 in overnight trading as compared to 76.182 on Monday’s North American trading session.

Moreover the gold happens to have tradition safe haven status as in situation of crisis and turmoil investors shift their focus towards the base metals. Similar situation happened in the last week when investors and traders were uncertain on situation in Middle East and North Africa. Moreover the Japan’s earthquake destruction made traders to shift their focus towards the gold.

In other metals silver future contract for May delivery declined 1.3 percent or $0.47 to $36.62 per ounce on Globex while copper future contract for May delivery plunged $0.05 to $4.30 per pound.