Gold prices pulled back from a record high on Thursday as investors booked profits following a rally driven by concerns around U.S. President Donald Trump’s latest wave of tariff policies.
Spot gold was down 0.6% at $3,321.89 U.S. an ounce after touching a record $3,357.40 earlier in the session. Bullion has gained 2.7% so far this week.
U.S. gold futures fell 0.3% to $3,335.60.
Gold rose 3.6% on Wednesday, driven by Trump’s order to open a probe into potential tariffs on all critical mineral imports, in addition to reviews into pharmaceutical and chip imports.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell said on Wednesday the Fed would wait for more data before changing interest rates, while also cautioning that Trump’s tariff policies risked pushing inflation further from the central bank’s goals.
Gold, traditionally viewed as a hedge against inflation, also tends to thrive in a low-interest rate environment.
Spot silver dropped 1.3% to $32.32 U.S. an ounce, platinum shed 1.2% to $955.60 U.S., and palladium fell 2.5% to $947.94 U.S.
