Gold prices dropped below $3,380 per ounce on Monday, with investors awaiting clarification from the Trump administration on its tariff policy for gold bars. The uncertainty comes after reports emerged last Friday of a US Customs and Border Protection ruling stating 1-kg and 100-ounce gold bars are subject to duties, contrary to traders’ expectations that precious metals would be exempt. Bullion gained 1.1% last week, buoyed by safe-haven demand amid persistent trade concerns, as well as growing bets of Federal Reserve interest rate cuts this year. Last Thursday, higher US tariffs on imports from several countries took effect, while President Trump’s August 12 deadline for a US–China deal is around the corner. Meanwhile, Trump and Russian President Vladimir Putin will meet on August 15 in Alaska to negotiate an end to the war in Ukraine. Investors will also be watching key US economic data releases this week—including CPI, PPI, and retail sales—for more clues on the Fed’s rate path.
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