Gold prices fell on Monday as investors awaited White House clarification regarding potential U.S. tariffs on imported gold bars as well as a U.S. inflation report that could provide an indication of the Federal Reserve's rate outlook.

The price of gold fell sharply as investors bet that a tariff on bullion entering the U.S. was less likely, and haven demand for the metal waned on hopes for a Ukraine-Russia ceasefire. The front-month gold futures contract on the NYMEX exchange fell 2% to $3,

Gold futures in New York steadied as traders awaited clarification from the White House over its tariff policy, after a US government agency stunned the market last week by formally ruling that 100-ounce and one-kilogram bullion bars would be subject to duties.