Gold Pulls Back After Surging To New Record Intraday High

(RTTNews) - Gold futures initially extended yesterday's surge but pulled back sharply over the course of the trading session on Tuesday.

After jumping as much as 2.3 percent to a record intraday high of $3,485.60 an ounce, gold for April delivery dipped $5.40 or 0.2 percent to $3,400.80 an ounce.

The precious metal initially benefited from its appeal as a safe haven amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

However, buying interest waned as the day progressed due in part to reports Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

Citing people who attended the session at an event hosted by JPMorgan Chase (JPM), Bloomberg reported Bessent said negotiations haven't started but that a trade deal with China is possible.

A person in the room also told CNBC that Bessent called the current status quo unsustainable and predicted there will "de-escalation" in the "very near future."