Gold futures reached their record level of $1,923.70 per ounce on Tuesday but closed lower on profit taking. Gold benefited cause of its safe haven status in reaction to sovereign debt crisis in euro zone and over expectations of another round of monetary easing in US.

Gold futures contract for December delivery fell 0.2 percent or $3.60 to settle at $1,873.30 per ounce on Comex trading of New York Mercantile Exchange. Most of analysts believe that gold is still has considerable potential for further capital gains. Senior trading analyst, Scott Meyers from Pioneer Futures in New York commented, “Touching an intraday record only to end lower hasn’t tarnished gold, It didn’t settle above $1,900 but it is still a very, very strong market, There’s this general fear of currencies losing value at a rapid clip and you are going to see gold as a beneficiary of a lot of money going into tangible assets.”

Among other broader metals, silver futures contract for December delivery fell 2.8 percent or $1.20 to $41.87 per ounce. Copper futures contract for December delivery declined 1.7 percent or $0.07 to $4.06 per pound.

Platinum futures contract for October delivery also dropped 1.4 percent or $26.60 to $1,858.20 per ounce while its sister metal palladium contract for December delivery slipped 4.3 percent or $33.65 to $749.55 per ounce.