Gold prices retreated on Thursday during what was its most volatile trading session in three months, as some investors booked profits to cover losses in other assets. Spot gold initially edged higher to set a new record of $5,594.34 per ounce but later fell as much as 6% to the $5,100 level — its sharpest decline since October. By midday, it had pared some losses to settle at above $5,300 per ounce, down more than 1% on the day. Gold’s rise has been fueled by heightened geopolitical tensions and worries over the independence of the US Federal Reserve. The yellow metal tends to thrive during times of uncertainty, for its role as a store of value.