Gold prices retreated on Thursday as investors booked profits after bullion hit an all-time high, with traders assessing tariff negotiations between the U.S. and Japan.
Spot gold was down 0.8% to $3,317.63 an ounce, as of 0717 GMT. Bullion has gained over 2% so far this week. U.S. gold futures shed 0.5% to $3,330.60.
Bullion hit a record high of $3,357.40 earlier in the session and has risen more than 27% so far this year.
"The retreat is largely driven by short-term profit-taking following the sharp rally over the past week. A temporary stabilization in U.S. bond yields and a modest recovery in the U.S. dollar have also added to the pressure," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
"Markets are now in a wait-and-see mode ahead of further clarity on tariff policies and central bank commentary, prompting some investors to lock in gains."
U.S. President Donald Trump touted "big progress" in tariff talks with Japan on Wednesday, in one of the first rounds of face-to-face negotiations since his barrage of duties on global imports roiled markets and stoked recession fears.
U.S. President Donald Trump touted "big progress" in tariff talks with Japan on Wednesday, in one of the first rounds of face-to-face negotiations since his barrage of duties on global imports roiled markets and stoked recession fears.
Source: Investing.com
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