Kinross (KGC) stock plummeted 5.84% in pre-market trading on Monday, as gold prices experienced a sharp decline following positive developments in US-China trade negotiations. The precious metal's status as a safe-haven asset was challenged by signs of progress in the talks and easing geopolitical tensions.

Gold prices fell as much as 3% in early Asian trading, dipping below $3,220 an ounce. This significant drop came after a 2.6% gain last week, reflecting investors' shifting focus towards the outcome of trade discussions between the world's two largest economies. Both the United States and China reported "substantial progress" following two days of talks in Switzerland, although specific measures were not immediately announced.

The decline in gold prices has broadly impacted gold mining stocks, with Kinross being among the affected companies. Other major players in the sector also saw significant drops, with Harmony Gold and Gold Fields falling 6%, Agnico Eagle Mines and Newmont Mining declining 4%, and Barrick Mining dropping 2% in overnight trading. Analysts suggest that while gold prices may test the lower end of the $3,200 to $3,400 range if trade talks continue to progress, dips below $3,200 are expected to find strong support, potentially leading to new record highs in the future.