Gold was on track for the worst three-day crash in more than four years as traders reacted to a slew of headlines related to President Donald Trump’s tariff policies.

Bullion slipped by as much as 2.7% before paring some losses on Monday.

Trump administration officials took to TV to reassure investors that harsh tariffs won’t derail the economy, even as experts warned growth will contract and inflation will spike. Trump also threatened an additional 50% tariff on China unless Beijing withdraws a 34% retaliatory duty on US goods.

Gold will remain “overbought” by investors and “deleveraging is the salient risk,” Daniel Ghali, senior commodity strategist, wrote in a note.

Traders have been selling the precious metal along with other assets since Thursday as Trump’s tariffs stoked fears of a global trade war and economic recession. Wall Street executives including Jamie Dimon are speaking out against those policies.

Gold’s retreat comes just days after the metal hit a record high on haven demand amid growing geopolitical risks. Although gold typically benefits from periods of upheaval — and is still up 14% this year — extreme market dislocation sometimes prompts investors to liquidate holdings.

Spot gold was 0.75% higher at $2,995.8 an ounce as of 7:55 p.m. in New York. Silver advanced after a two-day drop. Platinum and palladium both fell.