Gold prices slipped on Thursday, marking a pause in what has been a record-breaking rally that has seen market prices for the precious metal surge over the last year.

Long considered a safe haven asset to hedge against economic uncertainty, gold has risen as investors deal with concerns about the U.S. economy due to the impact of tariffs on inflation, as well as signs of a weakening labor market and expectations of a Federal Reserve rate cut.

An investor who bought a 1-ounce gold bar at Costco a year ago would have paid $2,495, and that investment would be worth $3,557 as of Thursday. That amounts to a one-year gain of about 42%, or more than $1,000 in dollar terms.

Spot gold prices hit a record high of $3,578 on Wednesday after weak job opening data strengthened the market's out

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