Gold suffered its biggest one-day drop in nearly four years Wednesday, raising questions about whether a torrid rally driven by anxiety over President Trump’s trade policies can continue.

The remarkable price surge gold has experienced in recent years appears to be continuing unabated in 2025, the latest record coming this week when the price of the precious metal surged past $3,400 per ounce.

Gold retreated after topping $3,500 an ounce for the first time as traders booked profit following a nearly 10% rally this month.