Gold dropped below $4,480 per ounce on Monday, likely pressured by profit-taking after hitting a fresh record in the previous session. Investors are also weighing geopolitical developments, after President Donald Trump said peace talks with Ukrainian President Volodymyr Zelenskiy have made “a lot of progress,” though a deal could take weeks. Zelenskiy added that the framework is 90% agreed and US-Ukraine security guarantees are fully settled, but key issues, such as control over the Donbas region, remain unresolved. Meanwhile, ongoing tensions in the Middle East and rising frictions between the US and Venezuela continue to support gold’s safe-haven appeal. Despite the pullback, the metal has gained more than 70% this year, on track for its strongest annual rise since 1979, supported by central bank buying, sustained ETF inflows, and expectations of further Federal Reserve rate cuts next year.