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US consumer price index data due on Tuesday

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US gold futures down more than 2%

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Markets see a near 90% chance of Fed rate cut in

September

(Updates for EMEA morning trade)

By Sherin Elizabeth Varghese

Aug 11 (Reuters) - 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.

Spot gold was 1.1% lower at $3,362.21 per ounce by

0839 GMT, after hitting its highest since July 23 on Friday.

U.S. gold futures for December delivery fell 2.1% to

$3,417.30, having hit a record high of $3,534.10 on Friday after

reports that Washington had imposed tariffs on imports of 1-kg

bullion bars.

The White House on Friday said it would issue an executive

order clarifying its stance on the tariffs.

"Spot gold is tumbling, along with futures, as markets

unwind the initial shock from U.S. tariffs potentially plunging

bullion flows into chaos," said Han Tan, chief market analyst at

Nemo.Money.

Market attention is also focused on Tuesday's U.S. consumer

price data, with tariffs expected to push core inflation up

0.3%, lifting the annual rate to 3.0%, well above the Fed's 2%

target.

"Lower-than-expected CPI prints that bolster bets for Fed

rate cuts by year-end may restore spot gold above the

psychological $3400 level," Tan said.

A recent softer-than-expected U.S. jobs report has seen

markets price in a near 90% chance of a September rate cut and

at least one more reduction by year-end. Lower rates typically

benefit non-yielding gold.

U.S. Treasury Secretary Scott Bessent is seeking a

successor to Fed Chair Jerome Powell, including a veteran

consultant and a former regional Fed president, a source told

Reuters. The search fuels policy uncertainty amid concerns over

the Fed's independence, after months of Trump pressuring Powell

to cut rates.

A U.S. tariff deadline on China, due to expire on Tuesday,

is expected to be extended again, while U.S. President Donald

Trump and Russian leader Vladimir Putin are due to meet in

Alaska on Friday to discuss ending the Ukraine war.

Spot silver fell 1.1% to $37.89 per ounce, platinum

was down 1.3% to $1,314.73 and palladium gained

0.4% to $1,131.55.