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 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.

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.