FX.co ★ Gold Falls on Easing Geopolitical Tensions

Gold prices fell below $3,380 per ounce on Monday as diminishing geopolitical tensions reduced the metal's safe-haven appeal. This decline followed an announcement by US President Donald Trump last Friday, stating his intention to meet with Russian President Vladimir Putin on August 15 in Alaska to discuss ending the conflict in Ukraine. Such diplomatic advances could potentially avert further US sanctions against Moscow. Nonetheless, the overall downward pressure on gold prices might be mitigated by ongoing trade anxieties and an increasing likelihood of interest rate cuts by the Federal Reserve later this year. The implementation of higher US tariffs on imports from several nations last Thursday has left some trade partners eager to secure improved agreements. Investors are also keeping a close watch on significant US economic data slated for release this week, including the Consumer Price Index (CPI), Producer Price Index (PPI), and retail sales figures, which could provide further insight into the Federal Reserve's policy direction. Additionally, market players are anticipating a statement from the White House regarding its tariff policy on gold bars, following a declaration by a US government agency last week that these would be subject to duties.