Gold prices fell toward $3,350 per ounce on Monday after President Donald Trump announced that the metal would not face tariffs, easing fears of a sharp increase in gold import costs. A prior US Customs ruling had declared that 1-kilogram and 100-ounce gold bars imported from Switzerland would be subject to a 39% tariff, which also would have applied to bars from any other country under prevailing US tariff rates. Trump’s reversal came as part of his broader policy of imposing “reciprocal” tariffs on dozens of US trade partners, introduced on August 7. In a separate move, the president signed an executive order extending the pause on high US tariffs on Chinese goods for another 90 days. The decision, anticipated following recent trade talks in Stockholm, was made just hours before the pause was set to expire at midnight. Investors now shift focus to key US economic data releases this week—including CPI, PPI, and retail sales—for clues on the Federal Reserve’s interest rate trajectory.