Gold fell for a second day after topping $3,500 an ounce for the first time, as investors booked profits and US President Donald Trump gave conciliatory gestures toward China and his central bank chief.

Bullion slid as much as 1.9% in early Asian trading on Wednesday, after closing down 1.3% in the previous session. Prices started to decline shortly after reaching the new all-time high of $3,500.10 an ounce on Tuesday as risk appetite improved, with equities bouncing back, while bonds and the dollar stabilized.

Investors were encouraged to start booking profits after the precious metal surged during April. Its 14-day relative-strength index — a gauge of the pace and intensity of moves — pointed to the asset as being overbought.

Gold stocks dropped in Hong Kong. Wanguo Gold fell 9%; SD Gold fell 8%; Tongguan Gold and Chifeng Gold fell 6%; Lingbao Gold and China Gold International Resources fell 5%.