Gold prices declined in Asian trade on Monday as investors awaited crucial U.S. inflation readings and sought clarity from Washington over tariff rulings on bullion bars.
Spot Gold fell 0.7% to $3,376.24 an ounce, while Gold Futures for December dropped 1.5% to $3,438.22/oz by 01:51 ET (05:51 GMT).
Futures drop, investors await White House order on gold tariff Last week, gold futures surged to a record high above $3,530/oz after the U.S. Customs and Border Protection ruled that standard 1-kilogram and 100-ounce gold bars would be subject to an import tariff.
The ruling triggered dislocation in bullion flows, prompting some Swiss refiners to halt shipments to the U.S., a Reuters report showed.
Industry groups warned the move could harm global gold trade, particularly from Switzerland, the main refining hub.
The White House has said it would issue an executive order to clarify the tariff policy on bullion bars, easing some tension in futures markets
US CPI awaited to gauge Fed outlook Looking ahead, markets are focused on key U.S. inflation measures.
The July Consumer Price Index (CPI) is due Tuesday and is expected to show around a 0.2% increase from June. The Producer Price Index (PPI) follows later in the week.
Traders await inflation readings for assessing the Federal Reserve’s policy, with rate cut expectations priced near 89% for September.
Weak labor data released earlier in August strengthened rate cut bets. Meanwhile, the U.S.-China tariff truce, which has prevented further escalation of duties, is set to expire on August 12.
While investors are optimistic about an extension, the outcome remains uncertain.
Metal markets dip, copper edged higher. In other precious metals, Platinum Futures fell 0.6% to $1,331.95/oz, while Silver Futures dropped 0.7% to $38.275/oz.
Benchmark Copper Futures on the London Metal Exchange rose 0.3% to $9,789.25 a ton, while U.S. Copper Futures were unchanged at $4.47 a pound.
