The world’s two biggest economies agreed to a 90-day pause on most of their levies after a first round of trade talks in Switzerland over the weekend.

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

The United States and China said Monday they have agreed a deal to slash reciprocal tariffs as the world's two biggest economies seek to end a trade war that has put financial markets on edge.