Gold prices fell Monday as investors awaited crucial U.S. inflation readings amid easing geopolitical tensions.<\/p>\n\n
At 04:30 ET (08:30 GMT), Spot Gold fell 1% to $3,365.26 an ounce and Gold Futures for December dropped 2.1% to $3,419.90\/oz.<\/p>\n\n
The gold market has retreated Monday, adding to the losses seen at the end of last week, with U.S. President Donald Trump set to meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. Trump\u2019s deadline for Russia to strike a peace deal with Ukraine passed without stricter U.S. sanctions imposed on Moscow, and this has helped ease tensions, and thus the demand for this safe haven. <\/p>\n\n
“But with Russia demanding that Ukraine cede occupied territory to end the war, it\u2019s difficult to see a quick solution,” said analysts at ING, in a note. “It\u2019s unlikely that Ukraine will agree to give up its own territory.” <\/p>\n\n
Looking ahead, markets are focused on the release of key U.S. inflation measures.
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. <\/p>\n\n
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.<\/p>\n\n
Industry groups warned the move could harm global gold trade, particularly from Switzerland, the main refining hub.<\/p>\n\n
“However, this has now eased, with reports that the White House will clarify the issue with an executive order amid suggestions that gold bar imports won\u2019t face tariffs,” ING added.<\/p>\n\n
In other precious metals, Platinum Futures fell 0.7% to $1,330.80\/oz, while Silver Futures dropped 1.4% to $37.990\/oz.