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Gold fell as its haven status was impacted by signs of progress in trade talks between US and China, along with some relief to geopolitical tensions.

Bullion fell as much as 2.5% in early trading in Asia, following a weekly gain of 2.6% as investors focused on the outcome of upcoming trade talks between the world’s two largest economies.

The US and China both reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war, although neither side immediately announced specific measures.

Investors will also be watching as Donald Trump’s effort to secure peace in Ukraine reaches a decisive moment, with Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week.

Vice Premier of the People’s Republic of China He Lifeng said the meeting “achieved substantial progress and reached important consensus.”

“The two sides agreed on establishing a consultation mechanism for trade and economic issues,” Lifeng said.

China International Trade Representative Li Chenggang suggested that a statement would be coming soon with more details on the negotiations, but did not say when the statement would be released.

“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” US trade representative Jamieson Greer said.

“We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency,” he added.

Treasury Secretary Scott Bessent said Sunday that the trade talks that took place in Geneva over the weekend were “productive.”

He said the talks yielded “a great deal” of productivity and that he would give more details in a complete briefing on Monday morning.

US Trade Representative Jamieson Greer said during remarks on Sunday that the officials reached some form of a “deal,” but did not provide any specifics. He hailed the discussions as “very constructive.”

Futures on Wall Street have seen a sharp surge on Sunday evening US time, after the Trump administration and China, both cited “substantial progress” on trade talks that took place over the weekend in Geneva, Switzerland.

The Dow futures are up 440 points, while the S&P 500 and Nasdaq futures are up 70 points and 280 points respectively.

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US and China have both cited substantial progress in their trade talks, which took place in Geneva over the weekend.

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