President Trump posted on social media that gold will not be subject to tariffs after a surprise US Customs and Border Protection (CBP) ruling sparked confusion over whether the precious metal faced duties.
"A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!" Trump wrote on Truth Social on Monday afternoon.
On Friday, the Financial Times reported that CBP classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration.
Gold futures (GC=F) declined 2.5% early on Monday as investors awaited clarity from the White House over its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs.
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