Donald Trump said on Monday that the US would not impose tariffs on imported gold, easing fears of disruption in the world’s bullion market.
“Gold will not be Tariffed!” the US president wrote on his Truth Social platform. His statement ended days of market uncertainty triggered by a US Customs and Border Protection ruling last week outlining new duties on imports of widely traded bullion bars.
Spot gold prices fell 1.2 per cent to $3,357 a troy ounce in Monday afternoon trading in New York after Trump’s post, while US gold futures dropped about 2.5 per cent to $3,407. The benchmark Comex contract recorded its largest one-day decline in three months, closing down $86.60 at $3,404.70.
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