Gold prices eased on Thursday as the dollar regained some ground, although concerns over the U.S.-China trade war kept the safe-haven bullion close to a record high level hit in the previous session.

Gold futures settled at yet another new record due to a weaker U.S. dollar and growing concerns of an escalating U.S.-China trade war, and the likely hit to global economic growth prospects.

The world’s demand for gold hit another record high in 2024 amid robust central bank purchases and investment demand growth, the World Gold Council said.