Gold prices fell below $4,000 per ounce on Monday, extending losses from the previous session, as expectations for further US rate cuts diminished and safe-haven demand eased following a US-China trade deal. The Federal Reserve delivered a widely expected rate cut last week, but Chair Jerome Powell signaled this could be the final reduction this year, citing limited economic data due to the ongoing US government shutdown. Market pricing now suggests about a 70% probability of a December reduction, compared to over 90% prior to Powell’s comments. On the trade front, US President Trump and Chinese President Xi agreed at last week’s summit to extend a tariff truce, ease export restrictions, and lower other trade barriers. Meanwhile, China removed a long-standing tax incentive on gold sales, a move that could raise consumer prices and weaken demand in one of the world’s largest bullion markets.