Aug. 11 (UPI) -- President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold.
The post said: "A Statement from Donald J. Trump, President of the United States of America: Gold will not be tariffed!"
He did not elaborate further.
Gold futures closed 2.48% lower at $3,404.70 per ounce after the announcement, CNBC reported.
The precious metal hit a record high Friday, after U.S. Customs and Border Protection ruled that 1 kilogram and 100 ounce gold bars from Switzerland would face Trump's 39% tariff against the country.
