Gold (GC=F) paused its record-breaking rally amid optimism over US-Japan trade talks, after bullion earlier reached another all-time high.
The precious metal edged lower to trade around $3,325 an ounce, after its biggest one-day gain in two years on Wednesday. That jump came on dollar weakness and as Federal Reserve Chief Jerome Powell signaled a wait-and-see approach to tariffs, pushing back on hopes the central bank would act quickly to soothe investor fears.
The precious metal has climbed almost 27% this year — matching the gain it notched in 2024 — as US President Donald Trump’s escalating trade war creates anxiety over a possible global recession. That uncertainty is benefiting gold, said Nicholas Frappell, global head of institutional market at ABC Refinery based in Sydney.