Gold prices fell below $4,000 per ounce today as signs of a thaw in U.S.-China trade tensions reduced some of the bullion’s safe-haven appeal, while market participants awaited the U.S. Federal Reserve’s interest rate decision this week.

Spot gold was down 2.7% at $4,002.29 per ounce at 1:45 p.m. ET (1745 GMT). Prices fell to $3,970.81 per ounce earlier in the session, their lowest since October 10.

U.S. gold futures for December delivery fell 2.9% to settle at $4,019.70.

“A potential U.S.-China trade deal portends a little less need for safe-haven assets such as gold,” said David Meger, director of metals trading at High Ridge Futures.

Gold climbed to a record high of $4,381.21/oz on October 20, but retreated 3.2% last week following hints of easing trade tensions between the world’s

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