Gold dropped from a record high due to profit-taking and easing trade tensions, though it remains up 56% this year.

Gold prices fell on Wednesday from a record high of $4,381.21, dropping 0.4% to $4,109.19 per ounce amid profit-taking and easing U.S.-China trade tensions, including signals of a potential trade deal. The decline followed a steep 5% drop the previous day, the largest since August 2020. Despite the correction, gold remains up 56% year-to-date, supported by geopolitical risks, expectations of Federal Reserve rate cuts, and strong central bank demand. Markets now await delayed U.S. inflation data for clues on future monetary policy. Silver edged up slightly, while platinum and palladium saw mixed moves.