Gold prices lower after Trump ruled out tariffs on imported bars

The price of gold has fallen Donald Trump The announced tariffs will not be placed on gold bars.

His social media statement on Monday ended uncertainty, which sparked a global trade panic for precious metals.

Trump wrote on his truth social platform that investors sold metal and “gold will not be levied.” The White House had earlier said it would clarify “misinformation” about the unduly obligated gold bar tariffs.

On Friday, gold futures prices jumped to record after it Reports say the United States will impose tariffs on imports of 1 kilogram bars.

This decision is considered to be correct SwitzerlandThis trade surplus with the United States in the first quarter was $36 billion (£27 billion) respectively, and trade surplus with the United States in the first quarter at $36 billion (£27 billion) in the first quarter.

All imports from gold to luxury watches, chocolate and cheese, all imports from Switzerland are covered by a 39% blanket tariff.

But Trump’s statement on Monday eased concerns about gold bar exports, with U.S. gold futures falling 2.4% per ounce to $3,407 after Monday’s release, lowering the premium over spot gold, with global benchmarks down 1.2% to $3,357.

On Tuesday, gold prices fell slightly, slightly below economists’ expectations after data showed U.S. inflation remained unchanged at 2.7% in July.

The Swiss Association of Metal Producers and Merchants (ASFCMP) welcomed Trump’s statement, but said a “formal” decision must be made.

“President Trump’s statement is an encouraging signal of trade stability,” said ASFCMP President Christoph Wild. “But only a formal and binding decision can provide the certainty required by the gold sector and its partners.”

A White House official told Reuters that the Trump administration is preparing an executive order to “clear misinformation about tariffs on gold bars and other products.”

The gold market is considered a safe haven investment unit for clients ranging from individual investors to sovereign funds, and last week at the U.S. Customs and Border Protection said 1 kg and 100 ounce cast bars are not tax-free.

Authorities clarified their position in response to a letter from a law firm representing metal financiers, suddenly facing tariffs.

Ross Norman, CEO of London Metal Daily, said most of the physical gold was sent to New York, where the gold futures market is located, will be mortgaged in bond warehouses, while representatives sought urgent clarification from the White House.

“I’m glad to hear that the crisis has been avoided,” he said. “This will be a great relief to the bar market, because the possibility of damage is immeasurable.”

Norman said gold bar investment is a major market in the U.S. and customers can buy gold at local supermarkets, including Costco.

A kilogram bar costs about £89,000, and a ounce of coins weighing £2,500 can be purchased. The metal is also used as a safe haven for hedging the inflation of commercial investors.

Gold bars refer to the purity of gold and silver that is officially recognized, and in the form of sticks or ingots instead of coins.