Gold prices decline ---

Gold prices fell on Monday as investors awaited White House clarification regarding potential US tariffs on imported gold bars as well as a US inflation report that could provide an indication of the Federal Reserve's rate outlook, reports Reuters.

US gold futures for December delivery fell 2.3 per cent to $3,410.50 an ounce by 8:57 a.m. ET (1257 GMT).

Prices hit a record high on Friday after reports that Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs. Later on Friday, an official told Reuters that the White House intends to issue an executive order in the near future "clarifying misinformation" about tariffs on gold bars and other specialty products.

"The market initially rallied on uncertainty surrounding the tariffs, but is now experiencing nervous liquidation as participants await further clarity from the White House," said Jim Wyckoff, senior analyst at Kitco Metals.

Spot gold was down 1.2 per cent at $3,356.30. On the data front, US consumer price data is due out on Tuesday, followed by producer price data on Thursday.

"Inflation data will be especially important following the weak jobs report. If this week's inflation figures come in higher than expected, it could give the Fed a reason to pause the anticipated rate cut in September, which would be bearish for gold prices," Wyckoff added.

A recent weaker-than-expected US jobs report has increased traders' bets for a Fed rate cut in September.

Trade negotiations were also in the spotlight as the August 12 deadline set by President Donald Trump for a US-China deal approached.