Gold prices retreated in Asian trading Thursday, snapping a three-day streak of record highs. Spot gold fell 0.8% to $4,588.55 an ounce after hitting a peak of $4,642.72 in the prior session. The pullback follows President Donald Trump's recent comments that tempered geopolitical fears, reducing demand for the safe-haven asset.

The metal's rally had been fueled by escalating unrest in Iran and fears of U.S. military action, alongside concerns over political pressure on the Federal Reserve. Trump signaled a softer stance on Iran, stating he received assurances that killings of protesters would stop. This reduced the likelihood of an immediate U.S. military response and eased the geopolitical risk premium supporting gold.

Separately, Trump sought to calm markets by confirming he has no plans to fire Fed Chair Jerome Powell despite an ongoing investigation. This eased investor anxiety over the central bank's independence. Profit-taking also contributed to the decline after prices surged well above key technical levels. Despite Thursday's drop, gold remains supported by expectations for U.S. rate cuts and strong central bank buying.