EU leaders are being briefed today on a new deal with the United States that halves the tariff President Donald Trump threatened to put on European goods.

Gold prices steadied on Monday, with gains curbed by improved risk sentiment following a trade deal between the United States and the European Union, while investors looked forward to the U.S. Federal Reserve's policy meeting later this week.

A new trade deal imposing 15% tariffs on EU imports to the U.S. currently excludes the wine and spirits industry. Spirits stocks reversed early gains Monday as uncertainty around their tariff exposure seeped in.

Investors will not be able to look away over the coming week as every single day could produce significant market-moving news.

The 15% tariff would be lower than previously threatened but remains a high duty on America’s largest trading partner.

The South China Morning Post, a Hong Kong-based English-language newspaper, reported on Sunday that "Beijing and Washington are expected to extend their tariff truce by another three months at trade talks in Stockholm beginning on Monday,