Gold rebounded following its steepest one-day loss this year as traders parsed mixed signals from the US on plans for China tariffs.

Gold stocks jumped in premarket trading on Thursday. Equinox Gold rose 3%; Newmont, Kinross rose 2%; Barrick Gold up 1%.

Bullion gained toward $3,330 an ounce, after plunging 2.7% on Wednesday, the most since November. Among the latest signals from Washington, Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. That followed more conciliatory remarks from President Donald Trump.

“The temporary reprieve from Trump has fizzled out,” said Priyanka Sachdeva, a Singapore-based analyst at Philip Nova Pte. “Investors who missed the dip-buying wagon earlier in April drove the rise today.”

Gold has had a volatile ride this week, initially hitting a record above $3,500 an ounce on Tuesday, before posting a two-day slump. The initial run-up was driven by a harsh line from Trump against China, as well as remarks attacking the US Federal Reserve. The reversal followed an about-face from the president.

Gold traded 1.5% higher at $3,344 an ounce at 16:23 in Singapore, after being up by as much as 2.4% earlier in the session. The Bloomberg Dollar Spot Index edged lower. Silver and platinum fell, while palladium was little changed.