Aug 11 (Reuters) - Gold prices fell on Monday as investors awaited White House clarification regarding potential U.S. tariffs on imported gold bars as well as a U.S. inflation report that could provide an indication of the Federal Reserve's rate outlook.
U.S. gold futures for December delivery fell 2.4% to $3,407.60 an ounce by 12:15 p.m. EDT (1615 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 intended 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 1.5% at $3,347.49.
On the data front, U.S. 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 U.S. 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 U.S.-China deal approached.
Meanwhile, Trump will meet with Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
Gold tends to perform well during periods of uncertainty and in a low-interest rate environment.
Among other metals, spot silver fell 1.5% to $37.75, platinum dipped 0.4% at $1,326.35 and palladium rose 2.5% to $1,154.00.
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Joe Bavier
