Spot gold slipped 3.2% to $3,274.35 an ounce by 11:40 a.m. ET (1540 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures dropped 3.9% to $3,286.30.

Major stock indexes rallied, the dollar gained against the euro and other currencies while safe-haven gold dropped on Wednesday as investors grew optimistic about a possible de-escalation in the trade ...