The gold price fell sharply on Monday due to positive talks about trade negotiations between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Japan last weekend. China and the United States concluded a temporary ceasefire in the lingering trade war between the two economic superpowers.

The gold price fell by as much as 2.2 percent to $ 1384.40 per troy ounce (31.1 grams), which is the strongest fall in a year. Last week the price of the precious metal rose to its highest level in six years due to increased tensions around Iran, trade uncertainty and the possibility of a interest rate cut by the Federal Reserve. In times of uncertainty in the financial markets, many investors seek refuge in safe havens, such as gold.

Silver and platinum prices also fell on Monday. In September 2011, the gold price reached the highest level ever with more than $ 1,900. At that time there was also great uncertainty on the financial markets.