Gold retracts from its all-time high

• Profit-taking pulls gold below $3,330 after record high
   
• New tariff probes on chips, pharma fuel trade uncertainty
   
• Powell warns tariffs may slow growth, boost inflation
   
• China open to talks, but with conditions in place
   
• Gold outlook mixed—trade risks support, Fed limits drops

Gold retreated below $3,330 per ounce on Thursday as traders took profits following a fresh all-time high earlier in the day.
 

The precious metal had surged on safe-haven demand amid ongoing trade policy uncertainty, with the Trump administration launching new probes into potential tariffs on semiconductors and pharmaceuticals.

This comes just days after the White House delayed auto tariffs and suspended some tech-related levies, adding to market volatility.
 

Fed Chair Jerome Powell reinforced a patient approach to interest rates, warning that escalating trade tensions could lead to higher inflation and slower economic growth – factors that typically support gold. 

Investors are also closely tracking developments in US-China trade relations after Beijing expressed conditional willingness to restart negotiations.

While hopes for a resolution could ease gold's upward momentum, lingering geopolitical risks and a dovish Fed outlook continue to underpin its appeal.

The precious metal remains sensitive to shifting trade headlines, with further pullbacks possible if risk sentiment improves, but deeper declines may be limited by persistent macroeconomic uncertainties.