WASHINGTON (dpa-AFX) - Gold prices traded lower on Thursday as the dollar's recent sell-off took a pause ahead of a long weekend.
Spot gold was down 0.6 percent at $3,321.94 per ounce in early European trade, after having surged to a record high of $3,357.40 per ounce earlier on safe-haven demand amid escalating global trade tensions. U.S. gold futures were down 0.2 percent at $3,338.61.
The dollar gained against the yen as tariff negotiations between Japan and the United States began in Washington on Wednesday with goodwill being expressed by both sides.
U.S. President Donald Trump said negotiators made 'big progress' in the meeting.
However, Japanese Prime Minister Shigeru Ishiba said that there are still gaps between the respective stances of Japan and the U.S.
Investors also weighed remarks from Federal Reserve Chair Jerome Powell that trade tensions may undermine employment and price stability.
Speaking at The Economic Club of Chicago on Wednesday, Powell noted the U.S. economy is still in a solid position despite heightened uncertainty and downside risks, adding the U.S. central bank would wait for more economic data before considering any adjustments to the current policy stance.
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