Gold retreated after topping $3,500 an ounce for the first time as traders booked profit following a nearly 10% rally this month.

Bullion fell by as much as 1.5% during US hours after earlier surging to a fresh record as risk appetite improved with equities bouncing back, bonds and the dollar stabilizing. The precious metal is also in the overbought territory, signaling the recent price ascent may be overdone. Its 14-day relative-strength index — a gauge of the pace and intensity of moves — topped 78, above the level of 70 that can point to an asset being overbought.

Earlier, gold gained as much as 2.2% on Tuesday to briefly top $3,500, as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from U.S. stocks, bonds and the dollar.

Safe havens such as the yen, the Swiss franc, and gold have rallied in recent sessions following Trump’s repeated calls on the Fed to cut interest rates immediately, a move seen as a threat to the central bank’s independence that drove the dollar to the lowest since 2023.

Boeing sells Jeppesen unit for $10.6b

Boeing Co. agreed to sell its flight navigation unit and other digital assets to Thoma Bravo for $10.6 billion in cash, the first major portfolio transaction under Chief Executive Officer Kelly Ortberg as he seeks to shore up the planemaker’s finances.

The deal involving the Jeppesen business also includes Boeing’s ForeFlight, AerData and OzRunways subsidiaries, according to a statement Tuesday confirming a Bloomberg News report. Under the ownership of Thoma Bravo, Boeing will continue to capture data needed for maintenance, repair and diagnostics services.

Jeppesen, which provides interactive flight plans, is profitable and commands a broad customer base from airlines to amateur pilots. The business, which Boeing acquired in 2000 for $1.5 billion, is among the most valuable assets that the planemaker is seeking to shed to lower its debt load.

Executives are expected to provide more detail about the divestiture’s impact on Boeing Global Services, the planemaker’s only profitable division, when the company reports quarterly results on Wednesday.

The Jeppesen deal marks Ortberg’s biggest move yet to shrink the portfolio of businesses and prioritize Boeing’s core operations making jetliners and military aircraft.

RTX braces for $850M hit from tariffs

Aerospace and defense giant RTX Corp. shares fell as much as 9.3% in morning trading after the company said tariffs stemming from President Donald Trump’s trade war pose a significant risk to operating profit.

The company said it’s bracing for an $850 million tariff hit to operating profits, including $250 million from Canada and Mexico and $250 million from duties on trade with China. The figure also includes actions available to the company to mitigate the impact.

“We tried to size up the impact of tariffs for the remainder of the year if they were to stay in place at the rates that are currently enacted,” said Chief Financial Officer Neil Mitchill in an interview. “There’s still a lot to be determined and see how this all plays out.”

The tariff operating profit impact is likely to play out in the second half of the year, as inventory is sold, Mitchill told investors.

RTX, formerly known as Raytheon, makes jet engines, aircraft components and Patriot missile-defense systems.

Compiled from Bloomberg reports.