Gold futures briefly eclipsed the $3,500 per troy ounce milestone before retreating as a strengthening U.S. dollar and rallying equities markets applied downward pressure on precious metals.

Gold prices surged to unprecedented heights, breaking through the $3,400 barrier for the first time in history as market turbulence followed renewed criticism of Federal Reserve policy by President Donald Trump.

Gold prices softened Thursday following yesterday's remarkable $110 gain, as traders prepared for the upcoming three-day holiday weekend.