U.S. President Donald Trump announced on Monday that gold will be exempted from tariffs, triggering a significant decline in gold futures prices.
In a brief post on Truth Social, Trump stated, “Gold will not be Tariffed!”
This announcement followed a recent surge in gold futures prices on Thursday and Friday, driven by speculation that U.S. Customs and Border Protection might classify 1-kilo and 100-ounce gold bars under a customs code subjecting them to tariffs.
On Monday, August gold futures on the New York Mercantile Exchange dropped by over 2 percent.
The U.S. had recently imposed 39 percent tariffs on goods imported from Switzerland, a major holder of gold reserves and a key player in international gold futures settlement.
