%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of %Gold has experienced its biggest decline in three months as investors brace for U.S. President Donald Trump to impose a %Tariff on the precious metal entering America from overseas. Also driving gold's price lower are expectations for a ceasefire and possible peace deal between Ukraine and Russia, which is reducing demand for the yellow metal as a safe haven asset. The price of gold bullion has declined 3% to trade at $3,398.30 U.S. an ounce on Aug. 11, the biggest decline since May 12 of this year, according to market data. Gold is seeing a sharp reversal after rising to a record high above $3,500 U.S. only a week ago. The sharp decline has been driven by media reports that one kilogram and 100-ounce gold bars entering the U.S. from foreign destinations will be subject to import duties. The price of gold had risen 30% this year as concerns about U.S. economic policy and geopolitical uncertainty prompted central banks and investors to buy the precious metal. So far, the Trump administration has not clarified its policy pertaining to imports of gold bars, creating uncertainty around bullion and leading its price to decline. Also pushing gold's price lower are hopes for a ceasefire in the Ukraine-Russia war ahead of a meeting on Aug. 15 in Alaska between President Trump and Russian President Vladimir Putin.