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Following the downturn seen over the course of the previous session, the price of gold showed a more substantial move to the downside during trading on Wednesday.
Gold for April delivery plunged $124.50 or 3.7 percent to $3,276.30 an ounce, pulling back further off its record highs.
The nosedive marked the biggest one-day dollar decline since April 2013 and the largest one-day percentage decline since June 2021.
The steep drop by the price of the precious metal as stocks around the globe rallied after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell.
"I have no intention of firing him," Trump told reporters on Tuesday but reiterated he would like to see Powell and the Fed resume lowering interest rates.
Trump's attacks on Powell, including calling him a "major loser" as recently as Monday, had led to anxiety on Wall Street about the Fed's independence.
The president also suggested he's willing to take a less confrontational approach to trade talks with China, predicting the current 145 percent tariff on Chinese imports will "come down substantially."
Further reducing the safe appeal of gold, Treasury Secretary Scott Bessent said there is an "opportunity for a big deal" between the U.S. and China.
"If they want to rebalance, let's do it together," Bessent said during an appearance at the Institute of International Trade and Finance in Washington, D.C. "This is an incredible opportunity."
The slump by gold futures also came as the value of the U.S. dollar continued to recover from recent lows, with the U.S. dollar index climbing by 0.9 percent to 99.80.
