Gold Prices Retreat Amid Uncertainty Over Trade Policies Gold prices, after hitting a record high of $3,004 per troy ounce, retreated to $2,982 as uncertainty surrounds U.S. trade policies. The U.S. Dollar's weakness and geopolitical tensions, including a fragile Ukraine-Russia ceasefire, continue to influence gold's demand. Meanwhile, China's central bank boosted bullion reserves for the fourth consecutive month.1