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.

Gold prices hit a fresh intraday record Monday, as skittish investors seek refuge from hard-hit equity and bond markets. Gold futures gained over 2% from Thursday's settling price to breach $3,400 for the first time.

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