Gold prices fell under $3,380 per ounce on Monday as easing geopolitical risks reduced demand for the metal’s safe-haven appeal.

The drop followed US President Donald Trump’s announcement last Friday that he will meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the Ukraine war — a move that could avert further US sanctions on Moscow.

Losses may be capped, however, by persistent trade tensions and rising expectations that the Federal Reserve will cut interest rates later this year.

Last Thursday, higher US tariffs on imports from multiple countries took effect, prompting trade partners to seek improved terms.

This week, investors are eyeing key US data — including CPI, PPI, and retail sales — for fresh clues on Fed policy. Markets are also awaiting clarification from the White House on its tariff policy for gold bars after a US agency ruled last week they would be subject to import duties.