Gold prices plummeted on Monday as investors awaited U.S. inflation data, while President Donald Trump clarified that tariffs will not be imposed on imported gold bars. The news sent gold futures for December delivery 2.5% lower to $3,404.70 an ounce.
However, Trump’s statement appears to have alleviated market concerns, with senior analyst Jim Wyckoff saying the uncertainty has been removed, allowing traders to focus on other factors that could be beneficial for gold prices, such as lower interest rates in the US.
Spot gold fell 1.2% to $3,358.33, while silver dropped 1.4% to $37.78. The outlook for gold remains bullish, particularly during periods of uncertainty and low-interest rate environments, where it tends to perform well.
Trump will also meet with Russian President Vladimir Putin on August 15 in Alaska to discuss a potential end to the war in Ukraine. Meanwhile, U.S. consumer price data is due out on Tuesday, followed by producer price data on Thursday, which could impact gold prices if inflation figures come in higher than expected.
Palladium prices rose 2.1% to $1,149.25, while platinum dipped 0.4% at $1,326.09. The market is watching the trade negotiations between the US and China, with a deadline set by Trump for an August 12 deal.
Source: https://www.reuters.com/world/china/gold-falls-markets-await-inflation-data-trump-clarifies-no-tariffs-gold-2025-08-11