Gold prices fell more than 1% on Monday as investors waited for clarity from the White House on potential country-specific tariffs on bullion bars, while focus shifted to U.S. inflation data for clues to the Federal Reserve's rate path.

The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.

This afternoon, the White House said that it would “clarify misinformation” on gold tariff orders with a new posting sometime in the near future. This announcement sent active gold futures lower, with the contract paring its earlier gains and being now up only 0.3%.