Gold prices fell more than 1% due to uncertainties surrounding potential gold bullion tariffs from the White House and US inflation data. Spot gold fell to $3,362.14 as of 10:20 GMT, after reaching its highest level since July 23 on Friday at $3,408.06.
US gold futures for December delivery fell 2.1% to $3,418.40. On Friday, prices hit a record high of $3,534.10 following reports that Washington had begun imposing tariffs on 1 kg gold bars.
The White House announced on Friday that it would issue a presidential executive order to provide clarity on gold tariffs.
Nemo.Money analyst Han Tan said, “Gold prices are falling in both spot and futures as US tariffs throw gold flows into chaos.”
Investors are expecting the US consumer price data to be released on Tuesday and tariffs to increase core inflation by 0.3%, bringing it to 3% annually. This would be well above the Fed’s 2% target.
Platinum fell 1.1% to $1,317.50, while silver lost 1% to $37.93. However, palladium rose 0.3% to $1,129.63.
