Gold futures tumbled more than 3%, slipping under the $4,000 mark after last week’s rally lost steam. The pullback followed fading enthusiasm over the U.S.–China trade truce and rising speculation that the Federal Reserve could lower rates sooner than expected. Investors rotated back into equities and high-yield bonds, trimming safe-haven exposure. Market analysts noted that bullion’s short-term weakness reflects improving risk sentiment but warned that macro uncertainty could reignite demand if global yields begin to decline again.