India, May 7 -- Gold futures showed a notable move to the downside during trading on Wednesday, giving back ground after moving sharply higher over the past few sessions.
After soaring $100.10 or 3.0 percent to a record closing high during Tuesday's session, gold for May delivery slumped $30 or 0.9 percent to $3,381.40 an ounce.
Traders cashed in on the recent surge by the price of gold following news that Treasury Secretary Scott Bessent will meet with China's lead representative on economic matters during a trip to Switzerland.
"My sense is that this will be about de-escalation, not about the big trade deal," Bessent told Fox News. "But we've got to de-escalate, before we can move forward."
Bessent called the massive tariffs imposed b...