Gold prices plummeted by nearly 3% on Monday as a temporary deal between the US and China to slash tariffs sent the equity and bond markets flying.

Spot gold fell 2.7% to $3,235.75 per ounce while US gold futures were trading more than 3% or $102 lower in late afternoon dealings, falling to $3,241.80 per ounce, the lowest in a month.

Meanwhile, the US dollar extended gains after the trade truce, which included a sizeable reduction on the 145% levies on most Chinese imports to 30% for a period of 90 days.

The announcement, a result of highly publicized negotiations between the world’s two largest economics in Geneva this weekend, represents a step toward de-escalating a tariff war that has led to significant flow into the safe-haven gold in recent weeks.