Gold extended its steep intraday losses on Monday, plummeting to a fresh one-week low below the $3,250 mark following news of progress in U.S.–China trade talks.
The upbeat market sentiment was boosted by the announcement of a new deal between the U.S. and China to reduce tariffs—an agreement seen as a major factor diverting safe-haven flows away from the precious metal.
Gold futures dropped more than $120 per ounce as investors pulled back from haven assets.