Crude prices fell as traders watched the uncertainty surrounding the potential impact of Trump's tariff increases, along with persistent concerns about rising OPEC+ production.
On the other hand, gold prices decreased, dragged down by a rise in U.S. Treasury bond yields following Trump's new tariff proposals.
The yield on the benchmark 10-year Treasury bond rose to a two-week high, diminishing the appeal of the non-yielding precious metal.
Economists have warned that high tariffs could fuel inflationary pressures, which in turn could affect how the Federal Reserve chooses to address potential future interest rate cuts. More details on the Fed's outlook for rates are expected to be revealed on Wednesday when the central bank publishes the minutes of its monetary policy meeting from last month.
Spot gold fell 0.4% to $3,323.37 an ounce, while September gold futures dropped 0.3% to $3,332.60/ounce at 11:29