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.

Shares of gold mining stocks Barrick Gold ( GOLD -4.43%), Newmont Mining ( NEM -2.58%), Gold Fields ( GFI -4.85%), and AngloGold Ashanti ( AU -5.98%) were all down today, falling 4.6%, 2.6%, 6%, and 5.1%, respectively.

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

Gold bars of various sizes lie in a safe on a table at the precious ... More metal dealer Pro Aurum. Photo: Sven Hoppe/dpa (Photo by Sven Hoppe/picture alliance via ) Let’s cut to it: Gold’s been on a tear,

As gold prices keep hitting record highs, Jefferies analysts said shares of companies that mine the precious metal could still have room to rise.

Gold fell more than 1% on Tuesday after briefly touching a record high of $3,500 earlier in the session, as comments by U.S. Treasury Secretary Scott Bessent hinting at a thaw in U.S.-China trade tensions fueled optimism in equities and strengthened the dollar.