Gold slides 3% as US, China end tariff war

Gold dropped 3% to a more than one-week low Monday after USChina agreed to cut reciprocal tariffs.

- REUTERS

The announcement immediately hit markets as spot gold was down 3.3% at $3,215.07 an ounce, as of 1022 GMT, its lowest since May. US gold futures also slipped 3.7% to $3,218.70.

"The de-escalation of tensions between China and the U.S., with tariffs being reduced for 90 days, is reducing the demand for safe haven assets like gold," said UBS analyst Giovanni staunovo.