Trump says "Gold will not be tariffed"

U.S. President Donald Trump announced Monday that he will not impose tariffs on gold, a decision that was quickly welcomed by global bullion markets and ended days of speculation that the precious metal could become entangled in the ongoing global trade disputes.

“Gold will not be Tariffed!” Trump wrote in a brief statement posted to his social media account, offering no further explanation.

The announcement came after the U.S. Customs and Border Protection posted a notice on its website Friday indicating that Washington might apply country-specific import tariffs on the most widely traded gold bullion bars in the United States — a move that could have sent shockwaves through the metal’s global supply chains.

In response to the growing concern, a White House official told Reuters on Friday that the administration was preparing an executive order “clarifying misinformation” about tariffs on gold bars and other specialty products.

Industry analysts had warned that a gold tariff would have been especially damaging for Switzerland, one of the world’s major refining and transit hubs for the metal. Trump’s Monday post effectively removed that threat.

“Delighted to hear the crisis has been averted,” said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”

Following Trump’s statement, U.S. gold futures fell 2.4% to $3,407 per ounce, narrowing the premium over spot gold, the global benchmark, which dropped 1.2% to $3,357.

Shares of Barrick Mining slid 2.8% on Monday afternoon after releasing quarterly earnings, while Newmont — the world’s largest gold miner — edged down to $68.87. Both companies are among the largest U.S. gold producers.