• Trump confirms gold imports will not face tariffs, calming bullion markets.
• Previous customs ruling raised fears of tariffs on standard gold bar weights.
• Gold futures prices fell sharply after Trump's announcement, easing trade concerns.

U.S. President Donald Trump announced on Monday that gold imports will not face additional tariffs, putting an end to days of uncertainty that had shaken the global bullion markets. "Gold will not be Tariffed!" he stated on his Truth Social account, without further elaboration. This announcement came in response to confusion created by a U.S. Customs and Border Protection letter that suggested certain gold bars might be categorized as subject to tariffs, which would have severely impacted the global supply chains for gold, particularly concerning imports from Switzerland, a key player in the gold refining market, according to Reuters, India Times, and SCMP.

In the wake of Trump's remarks, gold futures experienced a 2.4% decline to $3,407 per ounce, while the spot gold price also fell by 1.2% to $3,357. The potential for U.S. tariffs on gold had initially surged prices to record highs earlier, but Trump's statement alleviated fears of disruption in trade. Analysts like Ross Norman expressed relief, stating, "Delighted to hear the crisis has been averted," illustrating the profound concern that the confusion had caused in the bullion market, as noted by Reuters, India Times, and SCMP.

The confusion arose from a customs letter proposing that gold bars of two standard weights—one kilogram and 100 ounces—might fall under duties, which would have led to a significant tariff, particularly affecting Swiss exports. A White House official had previously indicated that the administration planned to issue an executive order clarifying miscommunications regarding the tariff status of gold bars, highlighting the administration's proactive approach to mitigate market anxiety, according to Reuters, India Times, and SCMP.