Gold prices are lower on Tuesday morning after recovering back over $2400/oz overnight. The price of gold is trading at $2,397.76, down $13.03. The price of silver is trading at $26.96, down 30 cents. Gold prices plunged on Monday, experiencing their largest single-day drop since early June, as a major global stock market rout forced traders to liquidate gold positions to cover losses in equities. Spot gold fell by as much as 3.2%, while silver plummeted 7.2%. Despite this sharp decline, gold remains up about 15% for the year, having reached an all-time high in July due to central-bank buying and demand from Asian consumers. Expectations of US rate cuts and rising geopolitical tensions in the Middle East are likely to support gold in the long term. Analysts note that during stock market crashes, gold often falls less and recovers sooner, as investors typically sell gold to raise liquidity but repurchase it once market conditions stabilize.