Gold prices fell for a second day on Wednesday as investors took profits following a recent rally.

Gold futures dropped $61.30, or 1.49%, to $4,053.10 per ounce, while major mining stocks like Newmont and Barrick fell over 4% in premarket trading.

Analysts at UBS said the decline is largely technical, with no major economic or geopolitical events driving the pullback, and attributed it to slowing momentum and rising option volatility, CNBC has reported.

Despite the two-day drop, gold remains up more than 50% this year, and UBS expects the factors supporting record highs—such as inflation, tariffs, and political instability—to persist.