President Donald Trump said Monday that gold imports will not face tariffs, reversing days of speculation that the White House was weighing new measures against the Swiss refinery industry.
In a Truth Social post at around 1:30 p.m. ET, Trump wrote, "gold will not be tariffed."
The move marks a sharp turnaround from last Thursday, when media reports suggested the administration was considering a levy on one-kilogram gold bars.
On Friday, the White House dismissed those reports as inaccurate but hinted that a presidential executive order on gold would be announced soon.
That statement, alongside confirmation of a Trump-Putin meeting this Friday, triggered a pullback in gold from $3,400 per ounce, as markets anticipated lower safe-haven demand if a breakthrough on ending the war in Ukraine emerged.
Market Reactions
Minutes after Trump's post on gold tariff exemption, the bullion - as tracked by the SPDR Gold Trust
The spread between cash and futures narrowed to under $50, down sharply from a record $100 last Friday.
