"Headlines over potential, partial exemptions in retaliatory tariffs further boosted sentiment today and allowed gold to dip below US$3,300 ($4,333) levels," said Yuxuan Tang, a strategist at JPMorgan Private Bank. Still, since 2022, gold's dips have usually been quickly bought back, she added.
The precious metal remains more than a quarter higher this year after the Trump administration's aggressive trade policy rattled markets, spurring demand for havens. The gains have been supported by inflows into bullion-backed exchange-traded funds, as well as central-bank buying. There have also been signs of strong demand in China, including from retail investors.
Gold for immediate delivery traded 1.3% lower at US$3,306.22 an ounce at 3.09 pm in Singapore after setting a fresh peak above US$3,500 earlier in the week. The Bloomberg Dollar Spot Index gained.
Silver, platinum and palladium all fell.
