Precious metals extended their losses on Monday, with gold falling by more than 3% to slip below the $4,000 mark as investors digested the news that the United States and China had reached a consensus on some crucial trade issues during their negotiations in Kuala Lumpur, Malaysia. US President Donald Trump also revealed that his Chinese counterpart Xi Jinping gave a “provisional approval” of the TikTok deal signed in September, which boosted traders’ optimism about the relationship between the two leaders. Gold dropped by 3.01% to $3,986.48 per ounce at 10:56 am ET, while silver fell by 4.78% to $46.25 per ounce a minute later. Platinum dipped by 1.17% and went for $1,602.23 per ounce at 10:57 am ET, and palladium declined by 1.87% at 10:58 am ET, going for $1,399.51 per ounce