Gold on Wednesday extended its retreat from an all-time high, falling more than 3%, as appetite for riskier assets improved after President Donald Trump said he has no plans to fire the U.S. Fed's chief and also signalled progress with China on the tariff front.

Gold surged past $3,500 an ounce for the first time before paring some gains, as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from US stocks, bonds and the dollar.

Gold prices hit another record high on Monday as tensions with China simmered and President Trump continued his attacks on Fed Chair Jerome Powell.