Gold jumped after a run of losses as traders digested comments from President Donald Trump following his closely watched meeting with Chinese leader Xi Jinping, which produced a trade deal that may stop short of a sweeping agreement.

Bullion rose as much as 1.3% to near $3,982 an ounce, after falling almost 5% over the previous four sessions. Trump said he had an “amazing meeting” with Xi and would immediately halve fentanyl tariffs to 10% in a deal that will see China restart soybean imports and pause rare-earths licensing for a year.

“This looks like an early attempt to reset the US–China narrative by re-engaging selective trade channels to restore confidence,” said Saxo Capital Markets Pte strategist Charu Chanana. “Gold is, however, still sniffing out uncertainty — pricing a soft easing bias from the Fed and lingering geopolitical risk.”