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.

An agreement from the US and China to reduce tariffs for 90 days has boosted European markets after global indexes rallied hours earlier on hopes of a breakthrough. View on euronews

Gold dropped 3% to a more than one-week low on Monday after the U.S. and China said they have agreed to a deal to slash reciprocal tariffs, sending the dollar higher and denting the safe-haven metal's appeal.