Gold slid more than 4% to below $4,350 an ounce on Monday as investors locked in profits after a run of record highs, with tentative progress in US Ukraine peace talks weighing on safe haven demand even as major uncertainties persist. President Donald Trump said that negotiations with Ukrainian President Volodymyr Zelenskiy have made significant progress, although a final agreement could still take weeks. Zelenskiy noted that the framework is largely in place and that US Ukraine security guarantees are settled, while core issues such as control of the Donbas region remain unresolved. At the same time, ongoing tensions in the Middle East and rising frictions between the US and Venezuela continue to underpin gold’s defensive appeal. Despite the sharp pullback, the metal remains up more than 70% this year and is on track for its strongest annual gain since 1979, supported by sustained central bank buying, persistent ETF inflows, and expectations of further Fed rate cuts next year.