Gold price dives during the North American session as traders waited for the White House resolution on duties over physical Bullion bars, which triggered a downturn last Friday in the futures market. Traders awaiting the release of inflation data in the United States (US) pushed spot prices down. At the time of writing, XAU/USD trades at around $3,360, down over 1.20%.
Demand for Gold took a hit due to speculation that the meeting between US President Donald Trump and his Russian counterpart, Vladimir Putin, on Friday could unveil a truce plan in Ukraine. The recovery of the US Dollar amid falling US Treasury yields drove Bullion prices below the $3,400 mark.
On Tuesday, the US Bureau of Labor Statistics (BLS) is expected to release the Consumer Price Index (CPI) for July. Estimates suggest that headline inflation would be at around 2.8% YoY, up from June's 2.7%. Core CPI is projected to rise above the 3% threshold for the first time since February 2025.
US President Donald Trump posted on his social network that Gold will not be tariffed.
Ahead this week, the US economic calendar will feature the release of inflation on the producer front, jobless claims, Industrial Production data, Retail Sales and the University of Michigan Consumer Sentiment for August. Alongside this, speeches by Federal Reserve (Fed) officials will be scrutinized.
Source: Fxstreet
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