Safe-haven gold fell more than 2% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs.

The price of gold was tumbling on Monday after the U.S. and China announced a deal to cut tariffs on each other's goods, causing investors to pivot to risk-on assets. Futures prices dropped 3.7% to $3,

Gold futures retraced some of last week's gains after U.S. and Chinese officials wrapped up weekend trade talks. Gold prices fell around 2% to $3,279 a troy ounce Sunday evening. That's about 4% off the record closing hit set on Tuesday.