Gold futures jumped to a record high above $3,500 last week after dealers were blindsided by a report that U.S. Customs and Border Protection said that 1-kilo and 100-ounce gold bars should be classified under a customs code that subjects them to tariffs.

Gold prices fell more than 1% on Monday as investors awaited news from the White House on potential tariffs on bullion and U.S. inflation data that will provide a steer on the Federal Reserve's interest rate path.

The price of gold has experienced a significant drop, the most in three months, as the U.S. seeks to clarify its tariff plan on bullion imports.