Gold prices dropped to a more than one-week low today (Monday) as concerns over a potential global economic slowdown were alleyed due to hopes of a resolution for the US-China trade disputes, Reuters reported.

Spot gold is trading at $1,288.08 per ounce, posting a loss of 0.2 percent. Early in the session, it traded at $1,286.44 an ounce, the lowest since early April.

The U.S. gold futures traded at $1,289.70 an ounce, losing 0.4 percent.

“Gold prices have fallen because of improving macro-economic data which is favoring risk-taking,” Reuters quoted Margaret Yang, a market analyst with CMC Markets, Singapore, as saying.

Yang also stated that the latest data from China that showed positive credit and export growth, as well as the current positive signs from the trade talks between China and the US, contributed to the fall of gold prices.