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Oil and gold prices have retreated amid optimism that there could be progress on Ukraine.

Brent crude is trading 0.7% lower at $66.13 a barrel, while spot gold has fallen by 0.9% to $3,369 an ounce.

Donald Trump said last Friday that he will meet Russian president Vladimir Putin this Friday in Alaska to negotiate an end to the war in Ukraine.

Gold prices slipped as the dollar strengthened and some investors took profits after Friday’s rally.

The White House plans to clarify what an official called misinformation about import tariffs for gold bars, which prompted some industry players to stop deliveries of bullion to the US.

Gold futures hit a record high on Friday on news of US import tariffs on one-kilo bars of gold, according to a ruling on the US customs and border protection service’s website. The ruling referred to cast gold bars form Switzerland, the world’s biggest bullion refining and transit hub, which is now subject to Trump’s import tariffs of 39%.

The White House intends to issue an executive order “clarifying misinformation” about tariffs on gold bars and other specialty productions, an official told Reuters.

It is unclear whether one-kilo and 100 ounce gold bars are classified under a customs code that is subject to higher tariffs.

The owner of Fabergé has sold the luxury brand to the US investment firm SMG Capital for $50m, months after the firm was rocked by protests in Mozambique.

Gemfields, a miner of coloured gemstones, said it has signed an agreement to sell its entire stake in Fabergé to SMG, which is controlled by the technology investor Sergei Mosunov. Fabergé sells jewellery and objets d’art.

Gemfields put the company up for sale in late December, when it faced violent unrest at its ruby mine in Mozambique following disputed election results, which forced it to temporarily pause mining operations.

Fabergé is known for its giant jewelled Easter eggs. It first created 50 Easter eggs for the Russian imperial family between 1885 and 1916 when the company was run by Peter Carl Fabergé.

The brand dates back to 1882 when Fabergé – who was from a French Huguenot family that had fled to Livonia, now Estonia, and also had links to Dresden – took over his father’s jewellery business in St Petersburg and with his brother Agathon turned it into an international success story.

Asian stocks edged higher amid upbeat financial results from companies. Japan’s stock market is closed for a holiday but Nikkei futures rose, raising hopes of a new all-time high this week. China’s Shenzhen exchange posted a 1.4% gain while the Hong Kong market crept 0.08% higher and Taiwanese shares rose by 0.5%.

US tariffs on China are due to come in tomorrow but the 90-day truce could get extended again. Investors are also eagerly awaiting the latest US inflation data, also out tomorrow.

In London, the FTSE 100 index dipped by 0.2% at the open to 9,117.