Gold prices plunged more than 4% to below $4,350 an ounce on Monday as investors secured profits after a string of record highs, with tentative progress in U.S.-Ukraine peace talks weighing on safe-haven demand despite ongoing uncertainty.
President Donald Trump said negotiations with Ukrainian President Volodymyr Zelenskiy had made significant progress, although a final agreement is still weeks away. Zelenskiy noted that the framework is largely in place and U.S.-Ukraine security guarantees have been finalized, while core issues such as control over the Donbas region remain unresolved.
At the same time, ongoing tensions in the Middle East and escalating friction between the U.S. and Venezuela continue to support gold's appeal as a defensive asset. Despite the sharp decline, the precious metal is still up more than 70% this year and is on track for its strongest annual gain since 1979, supported by sustained central bank buying, persistent ETF inflows, and expectations of further Fed rate cuts next year. (alg)
Source: Trading Economics
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