U.S. President Donald Trump confirmed on Monday that gold "will not be tariffed."

A ruling by U.S. Customs and Border Protection that gold bars from Switzerland were subject to tariffs surprised the market.

US customs authorities had made public a letter saying that gold bars at 2 standard weights should be classified as subject to duties.

President’s intervention comes after shock plan to hit bullion with duties triggered price surge

President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold after last week's wild gold market and Homeland Security ruling.

Metal traders say crisis averted after US president clarifies on social media that gold bars are duty-free

U.S. President Donald Trump confirmed on Monday that gold "will not be tariffed."