Gold prices fell in anticipation of Monday’s clarification from the White House on excluding gold from tariffs.

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.