Gold prices dipped 0.5% to $3,326.51 on Thursday after hitting a record high of $3,357.40 earlier in the day as investors took profits ahead of a long weekend.
Despite this pause, gold has gained nearly 3% this week, supported by a weakening dollar and escalating US-China trade tensions.
Gold’s rally was particularly strong on Wednesday, surging 3.6% following President Trump’s order to investigate potential tariffs on critical mineral imports.
Analysts remain bullish on gold’s long-term prospects despite expectations of short-term corrections.