Gold prices fell to around $4,080 per ounce on Thursday, extending its decline for a third straight session amid continued selling pressure after repeatedly hitting record highs in recent weeks. The metal is now about 6% below its peak, following its largest weekly drop in more than five years. Adding downward weight, optimism over a potential US-China trade deal, ahead of talks between Presidents Trump and Xi Jinping and combined with Trump’s recent more conciliatory remarks toward China, has reduced gold’s safe-haven allure. Nevertheless, gold is still up roughly 55% for the year and over 5% this month, supported by expectations that the Federal Reserve will implement two additional rate cuts by year-end. Geopolitical tensions also continue to provide aid, following the US announcement of fresh sanctions on Russia, coming after reports that the planned Trump-Putin summit was postponed after Moscow refused a Ukraine ceasefire.