Gold prices slipped on Wednesday after rising to an all-time high in the previous session, as Federal Reserve Chair Jerome Powell's hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.

Gold fell for a second day, retreating from a record high, after Federal Reserve Chair Jerome Powell said there’s no hurry to deliver more interest-rate cuts.

There is no stopping the price levels of the yellow metal as Trump's recent tariff call has triggered panic buying of the commodity

Up 44% over the last year, gold has been by far the best-performer across a basket of 12 leading global asset classes over the period, according to the BlackRock Investment Institute, most notably trouncing the 22% return for the S&P 500 over the last year, including reinvested dividends.

Gold prices jumped more than 1% on Monday to hit a record high, as safe-haven demand surged on fears of a global trade war after U.S. President Donald Trump announced new tariff plans. Spot gold was up 1.

Gold's record-breaking rally has soared past $2,870 per ounce, fuelled by central bank purchases, inflation concerns, and deglobalisation fears. Trade tariffs imposed by the Trump administration are further amplifying demand for safe-haven assets.