Gold prices fell more than 1% on Monday as investors waited for clarity from the White House on potential country-specific tariffs on bullion bars, while focus shifted to U.S. inflation data for clues to the Federal Reserve's rate path.

Gold prices fell from a record high Friday after the White House said it will clarify "misinformation" about the precious metal facing tariffs.

The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.