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,

U.S. gold futures dipped from record highs after the Trump administration clarified that it won't impose tariffs on commonly traded gold bars, after confusion caused prices to rise.

Gold prices fell on Monday after President Donald Trump said tariffs will not be placed on imported gold bars, while investors awaited a U.S. inflation report that could provide an indication of the Federal Reserve's rate outlook.