Gold steadied after a three-day rout as appetite for riskier assets strengthened on hopes of a US-China trade breakthrough. Bullion was near $3,950 an ounce on Wednesday, a day before a scheduled meeting between Presidents Donald Trump and Xi Jinping.

The Wall Street Journal reported the US would roll back some tariffs if China cracks down on the export of chemicals that produce fentanyl. A deal between the world’s two biggest economies would further bolster market sentiment, after a rally in technology companies also reinforced optimism over the artificial intelligence boom.

Gold has retreated sharply from a torrid rally that drove prices to a record above $4,380 an ounce last week, an ascent that some traders saw as overheated. Even after the pullback, the metal is up about 50% this ye

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