Gold dropped more than 1% on Friday as investors cashed in following a sharp rally to record highs, with easing geopolitical tensions cutting into the metal’s safe-haven appeal. Spot gold slipped 0.5% to $4,592.29 an ounce by 1:39 p.m. ET, after touching a low of $4,536.49. U.S. gold futures closed down 0.6% at $4,595.40. Still, bullion gained roughly 1.9% for the week, having hit $4,642.72 on Wednesday. “The de-escalation of Middle East tensions has also removed some of the geopolitical premium,” said Edward Meir, analyst at Marex.