United States (U.S.) President Donald Trump stated that the U.S.will not introduce tariffs on gold imports, easing fears of disruptions in the global gold bar market.
“Gold will not be subject to tariffs,“ wrote the U.S. president on his platform, thus ending several days of market uncertainty caused by last week‘s decision by U.S. Customs and Border Protection that envisioned new tariffs on gold bar imports.
Spot gold prices fell by 1.2% to 3.357 dollars per troy ounce on Monday afternoon in New York following Trump‘s announcement, while U.S. gold futures fell by about 2.5% to 3.407 dollars.
Trump‘s intervention came a few days after U.S. media reported that the U.S. would impose tariffs on one-kilogram gold bars, which triggered a sharp rise in U.S. gold futures to a record 3.534 dollars per ounce.
