Gold prices dropped on Monday as easing U.S.-China trade tensions increased investor risk appetite, reducing demand for safe-haven assets like gold.

Spot gold fell 0.8% to $3,292.43 an ounce, down from its record high of $3,500.05 on April 22.

The stronger dollar also pressured prices, making gold more expensive for foreign buyers.

U.S. President Trump’s comments on potential trade deal progress with China contributed to optimism, further diminishing gold’s appeal.

Meanwhile, other precious metals like silver, platinum, and palladium also saw declines, Mint has reported.

Key economic reports this week could influence future market expectations and the Federal Reserve’s policy decisions.

Written by B.C. Begley