Gold prices dropped below $3,380 per ounce on Monday as easing geopolitical risks dented the metal's safe-haven appeal. US President Donald Trump announced last Friday he will meet with Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine - a move that could potentially avert further US sanctions on Moscow. Overall losses, however, may be capped by persistent trade concerns and growing expectations of Federal Reserve interest rate cuts this year. Last Thursday, higher US tariffs on imports from several countries took effect, leaving some trade partners scrambling to reach a better deal. Meanwhile, investors will closely monitor key US economic data releases later this week - including CPI, PPI, and retail sales - for more clues on the Fed’s policy outlook. Market participants are also awaiting clarification from the White House over its tariff policy on gold bars after a US government agency last week declared they’d be subject to duties.