Gold prices eased 0.5% to $3,326.51 on Thursday after briefly reaching an all-time high of $3,357.40 earlier in the day as some investors booked profits ahead of a long holiday weekend.
Even with the pullback, gold has risen almost 3% this week, driven by a softer U.S. dollar and renewed tensions in trade relations between the United States and China.
The metal saw its biggest single-day gain on Wednesday, jumping 3.6% after President Trump ordered an investigation into possible tariffs on critical mineral imports — a move that prompted safe-haven buying.
Market analysts continue to favor gold over the longer term, citing supportive macroeconomic factors and geopolitical uncertainty, while noting that short-term corrections remain possible as traders manage risk and take profits.