India, May 12 -- The price of gold moved sharply lower during trading on Monday, largely offsetting the strong upward move seen last week.
After surging $103.50 or 3.2 percent to $3,335.40 an ounce last week, gold for May delivery plunged $115.40 or 3.5 percent to $3,220 an ounce.
The steep drop by the price of gold came after the U.S. and China reached a trade deal that drastically reduces the massive tariffs on each other's goods, reducing the precious metal's safe haven appeal.
The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff.
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