Gold prices dipped on Monday as traders processed President Joe Biden’s decision to withdraw from the 2024 presidential race.

Spot gold fell below $2,400 an ounce, as the uncertainty surrounding the election boosted gold’s appeal as a safe-haven asset. Meanwhile, concerns about declining demand in Asia and potential liquidations also weighed on prices.

Despite these fluctuations, gold has surged over 15% this year, supported by expectations of U.S. interest rate cuts and geopolitical tensions.