Top US officials involved in high-level trade negotiations with China emerged from two days of talks touting “substantial progress” and appearing to confirm that a deal between the two countries had been reached,

Gold futures retraced some of last week's gains after U.S. and Chinese officials wrapped up weekend trade talks. Gold prices fell around 2% to $3,279 a troy ounce Sunday evening. That's about 4% off the record closing hit set on Tuesday.

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.